In response to a serious shortage of elementary school teachers, New Zealand's government introduced competitive contracts for new and established providers to develop initial teacher education programs that could be completed over 12-18 months. The University of Auckland developed a compressed, three-semester, post-graduate program taught in partnership with a consortium of elementary schools over 1 year. The practicum used a continuous placement model. Student teachers attended one school per term for 3 days each week and university lectures for the other 2 days throughout the year. A mentor teacher was selected from each consortium elementary school, accredited at post-graduate level, and released part-time to deliver the school-based practicum component of the program. Mentor teacher duties included conducting in-school seminars, assessing the practicum, and assisting lecturers in planning and delivering university papers. This paper discusses five structural postulates underpinning the university's approach, noting the extent of their acceptance by student teachers and the school community: course compression is possible for mature, motivated graduate student teachers; equal partnership with schools is essential; continuous placement in schools is preferable to block placements; academically qualified school mentors will enhance practicum quality; and student teachers need a range of practicum experiences that provide contact with a range of students. (Contains 23 references.) (SM)