Supervision of graduate students is a core activity in higher education. Previous research on graduate supervision focuses on individual and relational aspects of the supervisory relationship rather than collective, pedagogical and methodological aspects of the supervision process. In presenting a collective model we have developed for academic supervision of Danish master students, we seek to fill these gaps. The underlying pedagogical rationale for the model is that students' participation and learning are interconnected. The model provides possibilities for incorporating a progressive and systematic interaction between master students in their individual writing processes. In the article, we investigate the potentials and challenges of the model and draw on analyses of six individual interviews with master students and one focus group interview with five supervisors. Our findings show that students learn core academic competencies in collective academic supervision (CAS), such as the ability to assess theoretical and practical problems in their practice and present them to peers. The analysis reveals that interaction between divergent projects and voices in CAS can be highly productive in academic learning. However, the model also challenges both students and supervisors because both parties are used to a one-to-one supervisory relationship and not prepared for different modes of participation and learning. According to both supervisors and students, the majority of supervisors need better training in the facilitation of collective supervision processes.