Placement or work-based learning is an integral component of many HE programmes and mentors can play a pivotal role in a student's learning experience. Studies have explored the characteristics of 'good' mentors or mentees, but there is limited research that fully considers the interpersonal dynamics within such relationships. The notion of 'gift exchange' and 'gift giving' was applied to the analysis of students' views concerning placement learning in a healthcare setting, exploring particularly issues of power, identity, duty and reciprocity. Findings suggest that both mentor and mentee play an important role in the gift exchange but these roles may be more fluid than previously considered. Students may need to tread a fine line in maintaining a good relationship with their mentor and invest considerable 'emotional work'. HEIs and placement providers should devote time to allow students to explore the interpersonal dynamics of mentoring relationships to prepare them for such work.