Every one who has received his degree after having passed the final college examination, complains of the ruthlessness with which he is pursued by the anxiety dream that he will fail, that he must repeat his work, &c. For the holder of the university degree this typical dream is replaced by another, which represents to him that he has to pass the examination for the doctor’s degree, and against which he vainly raises the objection in his sleep that he has already been practising for years—that he is already a university instructor or the head of a law firm. These are the ineradicable memories of the punishments which we suffered when we were children for misdeeds which we had committed—memories which were revived in us on that _dies irae, dies illa_ of the severe examination at the two critical junctures in our studies. The “examination-phobia” of neurotics is also strengthened by this childish fear. After we have ceased to be schoolboys it is no longer our parents and guardians as at first, or our teachers as later on, who see to our punishment; the inexorable chain of causes and effects in life has taken over our further education. Now we dream of examinations for graduation or for the doctor’s degree—and who has not been faint-hearted in these tests, even though he belonged to the righteous?—whenever we fear that an outcome will punish us because we have not done something, or because we have not accomplished something as we should—in short whenever we feel the weight of responsibility. I owe the actual explanation of examination dreams to a remark made by a well-informed colleague, who once asserted in a scientific discussion that in his experience the examination dream occurs only to persons who have passed the examination, never to those who have gone to pieces on it. The anxiety dream of the examination, which occurs, as is being more and more corroborated, when the dreamer is looking forward to a responsible action on his part the next day and the possibility of disgrace, has therefore probably selected an occasion in the past where the great anxiety has shown itself to have been without justification and has been contradicted by the result. This would be a very striking example of a misconception of the dream content on the part of the waking instance. The objection to the dream, which is conceived as the indignant protest, “But I am already a doctor,” &c., would be in reality a consolation which the dreams offer, and which would therefore be to the following effect: “Do not be afraid of the morrow; think of the fear which you had before the final examination, and yet nothing came of it. You are a doctor this minute,” &c. The fear, however, which we attribute to the dream, originates in the remnants of daily experience.