Despite growing calls for more accountability of teacher education programs (TEPs), there is little consensus about how to evaluate them. This study investigates the potential for using observational ratings of program completers to evaluate TEPs. Drawing on statewide data on almost 9,500 program completers, representing 44 providers (183 programs) in Tennessee across 3 years, we investigate multiple models to estimate TEP quality. Results suggest that using observational ratings to evaluate TEPs has promise. We were able to detect significant and meaningful differences between TEPs, which were fairly robust across modeling approaches. Moreover, TEP rankings based on observational ratings were positively and significantly related to rankings based on student achievement gains.