In California, 55 teacher preparation programs have embedded a standardized four-task teaching performance assessment (CalTPA) as a requirement for initial teacher licensure. Guided by the frameworks of transactional experience and the theory of formative assessment, this phenomenological study addressed the meaning and role ascribed to the CalTPA by those who complete it. Research questions examined participants' perceptions of their CalTPA experience with respect to preparation, completion of the tasks, feedback, remediation, activities between tasks, and overall experience Data were collected through 3 semi-structured interviews of 8 participants who had successfully completed the CalTPA tasks, chosen by reputational case selection from 1 teacher preparation program. Data were coded for elements of process and overarching themes using inductive descriptive coding in 2 cycles, beginning with discrete codes and then grouping those into themes. Results indicated that the CalTPA played a significant role in the development of completers. Themes included common process elements, emotions, perceptions of tasks, key success factors, and overall influence of the experience. Implications for positive social change include informing stakeholders in teacher preparation programs on best policies and practices to support the development of pre-service teachers into effective in-service teachers, whose future students will benefit from improved educational quality.