Purpose: This paper draws on data from a research project that examined the impact of a community of practice (CoP) model of teaching practicum that engaged teacher candidates in collaborative inquiry projects based on self-identified problems of practice that emerged during their practicum experiences. Design/methodology/approach: A qualitative approach was adopted to better understand the ways in which the CoP served as a support mechanism for teacher candidates to develop social capital during internship. Data collection included anecdotal observation notes, student postings in online discussion forums, and a one-hour post-project focus group. Data analysis was rooted in phenomenology (Lin, 2013) and was guided by the four pronged coding process outlined by Bicudo (2000). Findings: As the paper illustrates, the CoP created rich opportunities for teacher candidates to cultivate social capital, which positively impacted their human and decisional capital. Relatedly, teacher candidates demonstrated an enhanced sense of collective efficacy and an understanding of the significance of collaborative professional cultures on their continued growth as members of the teaching profession. Originality/value: While a number of studies have considered various factors impacting the professional capital of practicing teachers, the development of professional capital amongst interning teachers remains as an under-explored area in the research literature.