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The Summer School 'Modern Wavefunction Based Methods in Electronic Structure Theory' (MWM16) is directed towards highly motivated Ph.D. students and postdocs who want to deepen their knowledge in the field of ab initio electronic structure theory. In the recent past, wavefunction based ab initio methods have received revived interest in the theoretical chemistry community. It is generally recognized that these methods provide a systematic, accurate and transparent route towards solving the molecular SchrA∂dinger equation to high precision. While for a long time the high computational cost that is characteristic of these methods has precluded their large-scale application in chemistry, modern algorithms, modern hardware and reduced scaling approaches have drastically changed this situation.