This Masters Thesis aims to provide an overview of the existing literature regarding the impact of EE at universities and HEIs. Through the categorization of diverse impact levels the state of research is presented. In general, it is examined that EE has a positive effect on various identified indicators. However, a small number of articles figured out that in some cases a negative or no effect of EE occur. Further, the authors from the analyzed studies are not using homogenous evaluation models or tools for scrutinizing the effectiveness of EE. The main findings of this Masters Thesis are that several studies figured out that EE of students and graduates influence their career options, enhance their career learning and development and support the career decisions due to the learning experiences. Furthermore, EE at higher institutions or universities has a positive impact on students and graduates regarding self-employment and knowledge and learning transfer to the workplace. Moreover, launching a new business is positively effected by EE, especially the significant positive relationship between EE and their effectiveness of an entrepreneurship venture is noteworthy. Additionally, the results imply that EE at universities and HEIs has a more positive impact on male students than on female students when considering the field of create entrepreneurial activities. Further, EE has a positive impact on the economic growth, the creation of new jobs and investments and is positively related to the effectiveness of SMEs. Conversely, no uniform results regarding the impact of EE on the regional development are presented. The authors of this Masters Thesis have examined that EE at universities and HEIs has more positive impacts on various effected indicators than negative impacts. Moreover, the authors are displaying the broad sphere of influence of entrepreneurial programs offered at universities or HEIs.