The author argues that effective preparation of teachers requires a set of components that can best be delivered through a college or university program linked to local schools, including a clear conceptualization of what teachers need to know and be able to do, a coherent curriculum based on the conceptualization, performance assessment used to support candidate development, and collaborative relationships among liberal arts faculty, teacher education faculty, and teacher educators in K-12 schools. Because of its impact on both the development and documentation of development, performance assessment is seen as a key component. Examples of the components are drawn from the teacher education program at Alverno College in Milwaukee, Wisconsin.