Although the Institute of Physics is primarily a research institution, teaching - at the graduate level - is considered to be one of its most important activities. The graduate school in physics is organized jointly with the Department of Physics at the University of Belgrade. Many members of the faculty teach graduate courses and serve as thesis advisers. There isn't a single graduate program, but rather a host of programs for various fields of specialization. We list here only the specializations where a majority of the teaching is done by the Institute's faculty. The courses are taken in two years. After completing the courses students start work on their M.Sc. thesis. The rest of their time in graduate school is devoted purely to research culminating with the writing and defense of their Ph.D. thesis.