Not really.
The yellow part shows how many theory lessons you have to pay from the merchant before you can practice. You have to buy theory lessons until the yellow bar fills up with green completely.
The blue-gray bar shows how many Progression Points you have available for training. If the blue bar is shorter than the yellow, you will not be able to complete the theory required for the next level - get more experience first (kill more monsters, cast more spells, or dig more ore - and maybe, craft more items, one day).
The red bar shows how much you have to practice your new theoretical knowledge. (Basic stats don\'t need practicing.) You have to practice (e.g. fight, or cast, or dig - and maybe craft, soon) until the red bar fills completely green, before you reach the next level finally.