This paper describes the 5-year Austin Teacher Program (ATP) at Austin College with emphasis on the collaboratively supervised internship in the graduate year. Some results of a comprehensive survey of over 400 ATP graduates are discussed, as well as issues and needs in the supervision of interns, and implications for the future in the supervision of first-year teachers. The structure and philosophy of the ATP is compared to recent proposals for reform in teacher education. The undergraduate and graduate education curriculum is described, much of it newly revised as an outcome of the intensive program review and follow-up study initiated by the ATP faculty. Graduates of the ATP report a high degree of confidence in their preparation and see themselves as better prepared than their peers from four-year programs without internships, suggesting that the ATP's curriculum, with its sequence of field experiences and courses culminating in an internship, may enable its students to develop a greater sense of competence than would be possible in a traditional program. (Author)