The differences between continuing professional education (cpe) and training are examined by presenting a systems view of the factors that make cpe different from training. The authors analyze these differences by discussing scope, stakeholders, control, and occupational mobility. These factors provide a framework for examining differences between cpe and training from an economic perspective. The authors review economic rationales for cpe and discuss how existing training evaluation concepts, such as cost-benefit analysis and return on investment may be adapted to the specific characteristics of cpe. They end by reflecting on the possibilities that the proposed approach offers and list a number of recommendations for further research.