IT Service management standards such as the IT Infrastructure Library (ITIL), and now ISO/IEC 20000, are of increasing importance to organisations around the globe. These standards provide guidance and tools for effective management and control of IT service delivery. Academics have not embraced these standards in either research or education related to them, but education and training of IT staff is vitally important and in demand. Universities have a unique place in this education process since demand grows for IT staff qualified to various levels, particularly basic or foundation levels, in these standards. This paper outlines the evolution of these standards, and considers the training on offer and the requirement for education related to IT service management. Benefits to universities, graduates and industry are numerous but there are challenges for traditional university structures and academics in delivery of such specific knowledge and skills.