This paper provides the background to the adoption of a peer mentoring program including the preparation of mentors and the classroom role of mentors. The paper also includes a discussion of alternative models of peer mentoring and an examination of factors to be considered in adopting mentoring as a teaching and learning resource. Using a case study of third-year undergraduate accounting students who were employed to mentor fellow students in a second-year accounting unit at an Australian university, the paper examines peer mentoring as a classroom resource in the teaching of accounting concepts. The study includes an evaluation of the perceptions of generic skill development by peer mentors illustrating how mentoring can be a reciprocal process, in that the mentor's skills can be enhanced while fulfilling a supporting role to junior students. The programme evaluation also demonstrated that accounting educators could contribute to the development of students' generic skills outside the traditional classroom setting.