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The focus of this article is on the place and status of work experience as a means of training in Spain. It outlines some aspects of the Spanish contribution to the Targeted Socio-Economic Research (TSER) project entitled 'Work experience as an education and training strategy: new approaches for the 21st century' which dealt with the educational value of work experience. The official view on the role of company-based training and its limitations are presented as well as two case studies of innovative work experience. The article concludes with a discussion of the implications for future research.