Despite attempts to define quality in initial teacher education (ITE), consensus remains elusive. Harvey highlights how, in higher education, there is confusion between quality, standards and quality assurance. Examination of the quality indicators in ITE reveals an over-emphasis on standards rather than its transformative potential. Original research into the ITE practice of five universities in different international settings analyses the quality discourses evident in stakeholder interviews, observations and documentation on the practice of teacher education; two examples are used as illustrative accounts. The analysis reveals how teacher educators adjust their practice to the different quality discourses. The discourses emerging from both universities and accountability mechanisms focus on measures of quality assurance, standards, or value for money, and underplay the transformational dimension of ITE. This presents a quality conundrum: indicators aimed at making ITE better actually make transformation more challenging. Without recognition of its transformative and educative potential, the contribution of university-based teacher education will likely remain under-recognised, under-valued and poorly understood.