Practicum in pre-service teacher education offers ample opportunities for developing a practical conception of teaching and learning. Yet it may also promote further worry for pre-service teachers if not sufficiently resourced and carefully structured. The present study intended to delve into pre-service teachers' perceptions of practicum undertaken through reciprocal peer mentoring and traditional mentoring trajectories. Designed as a quasi-experimental study, this longitudinal study collected mainly qualitative data through reflective journals, individual interviews and audio-records of peer conferences. The present study revealed a dire need for restructuring the traditional mentoring model currently used in pre-service teacher education programs. The study also unraveled that integration of reciprocal peer mentoring with systematic opportunities for peer conference and peer observation might be a viable suggestion to resolve the perceived shortcomings in practicum. Moreover, the study proposed that apart from an earlier onset of teaching practices, periodic rotations in teaching practices and mentor-mentee pairings might help to maximize contributions of engagement in practicum experiences.