Performance-based assessments are more than just skill development. They are part of evaluating relevant experiences that lead to the maturation of professional dispositions. A goal of performance-based assessment is that as learners—such as teacher candidates—meet the challenges of a performance-based assessment they become deeply cognizant and metacognitive of the level of commitment it takes to be an effective teacher. This chapter argues that at its core performance-based assessment is experiential learning. The chapter reports and compares the findings from two case studies in order to develop a theoretical model for a performance-based assessment of experiential learning. The model, called the Performance-Based Assessment Cycle, weds David Kolb's Experiential Learning Theory with features of performance-based assessment. The Performance-Based Assessment Cycle is centered on the development of evaluating relevant experiences through a process of doing, concluding, connecting, and renewing.