For many Russian universities, graduate (master) schools are a new academic endeavor. The Ulyanovsk State Pedagogical University launched graduate degree programs four years ago. Their formation and development raised two organizational and content-related problems taking into account the specific characteristics of graduate students. The first problem raised the question concerning the choice of specialization and an academic content of graduate studies. The second was purely technological and related to appropriate ways and strategies of academic training within the chosen specialization. Here is how these problems were solved in shaping the Psychology of Education graduate degree program. This academic degree program was launched at the Ulyanovsk State Pedagogical University in 2011. Enrollment was available to graduates with the degree of specialist (a traditional level of university education in Russia, five years of training) who have majored in any subject. The Russian Ministry of Education and Science allocated a certain number of state funded vacancies for each specialization. In the first year, the Psychology of Education graduate degree program had 5 state-funded students. By now this number has doubled. Prospective applicants are required to take a competitive entrance exam in psychology. The graduate degree program involves two years of studies.