Capstone units are culminating experiences typically offered in the final semester of a tertiary degree. Capstones are common across higher education, and are increasingly being offered in university journalism programs. However, there is no consensus about the most effective capstone for journalism. At least three models have been identified: the project, the newsroom simulation and the internship. While traditionally popular, the newsroom simulation and internship models have certain limitations, some of which have become more pronounced during the COVID-19 pandemic. Journalism educators see merit in the project model but it is not widely used. To date, there has been a lack of research about how journalism students respond to the various capstone options. The study presented here makes a contribution to this field by describing graduating students’ feedback about a new project model capstone unit offered through an Australian journalism undergraduate program. It describes some of the key themes to emerge from survey responses from three cohorts of graduating students. The project experience was found to enhance both tradecraft and transferable ‘life skills’, and helped many students feel more prepared to enter the workforce. The project shows significant promise as a valid alternative capstone experience for journalism students.