In the nineteenth and twentieth centuries, professional school enrollments came to be a significant portion of the population of university students. Before that time, most professionals received training by practicing their respective professions similar to the system of medieval craft guilds. This essay explains what benefits were gained as a result of the change to university-based training and what losses occurred as a result. The gains circulate around more uniform training and political benefits derived by the profession as a result of affiliating with the university. The losses circulate around the profession losing control of selecting and training new entrants to the profession and losing the ability to indoctrinate its values and culture in the trainees.