In a rapidly changing global environment, Initial Teacher Educators (ITE) have a responsibility to role-model contemporary teaching approaches, which develop graduates who think creatively and flexibly in educational workplaces. An important aspect of this work is supporting pre-service teachers (PSTs) to understand how to design assessments which facilitate a deep understanding of student learning. This learning can be achieved through the implementation of assessments which model contemporary practices and enrich student learning in ITE courses. This paper discusses new ways to consider the purpose of assessment by focusing on Experiential Learning (EL) as a form of assessment in ITE. This semi-systematic literature review encapsulates the intersecting areas of assessment, EL and ITE. Our resulting recommendation is the use of EL Projects to engage PSTs with meaningful and authentic assessments. This would encourage the development of skilled, knowledgeable and innovative thinkers who respond confidently to unanticipated and impactful educational changes.