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An ausbildung is a period of practical training. In the UK this is called an apprenticeship. I don't know the US term. It would normally be undertaken prior to starting a full-paid job. The German Government recently expanded the number and availability of ausbildung training schemes. For example, I know someone who is receiving full tuition and living expenses to undertake a Sound Engineer course; until recently this kind of course wasn't covered under the scheme. Someone else I knew did an Events Management ausbildung.

It is the responsibility of the employer/course provider to ensure the training is relevant. Usually the time is divided between classroom study and actual work. It's attractive to employers because they receive government assistance and therefore don't have to pay too much in salaries. They also get a fully trained employee at the end of the training (who has an obligation to stay for a set amount of time before s/he can leave). It's obviously attractive to trainees as they get proper training and a job at the end of it.

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Q: What is the German Ausbildung zum Bankkaufmann comparable to in the US?
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