The purpose of this study was to determine the anxiety of prospective music teachers (N = 129) during piano exams and to examine the effects of peer and self-assessments on anxiety and exam achievement of individuals with high performance and test anxiety (n = 5). Female students were more anxious compared to males, students of the fourth class were the most anxious, and students who had graduated from fine arts high schools had lower anxiety levels. There was a positive and significant relation between test anxiety and music performance anxiety. No significant relation was determined between piano course achievement scores and test or performance anxiety. Despite awareness of coping recommendations, students with high levels of anxiety experienced anxiety that could influence performance during exams.