In comparison with the school sector, formative and diagnostic assessment have received relatively little attention in higher education. This article reports on an in-depth study of assessment across one university, exploring views and practices in each of the five faculties, using semi-structured interviews with eight staff and small group interviews with 60 students. Our data indicate that: there is very little common understanding of the terms often used to describe forms of assessment in policy documents and other literature; students, contrary to popular belief, do value assessment that carries no marks, although a form of "deferred instrumentalism" may be at work here; staff are sometimes engaging in formative and diagnostic assessment without explicitly recognising it; and that students in this case study do value assessment which relates to and will be valuable for life after university. The paper concludes by suggesting frameworks and terminology for future discussion and issues for staff development. (Contains 1 figure.)