This qualitative study examines the variance in the ways that four student teachers made meaning of the experience of being observed by their cooperating teachers and university supervisors. Using Kegan's (1994) theory of cognitive development, the study focuses on the differences in the ways the teacher candidates constructed the prospect of being observed, and the varied ways they received and interpreted feedback. The study found that for two of the participants feedback from a mentor was very important to their teaching identity; because of this observations were both significant and anxiety inducing. However the second two participants were able to remove their identities from feedback and thus felt observations were an opportunity to think about how to improve their teaching. The participants also differed in whether they expected the post observation conference to be a time to receive expert knowledge or to discuss solutions and best practice.