The 2014 ACA Code of Ethics (American Counseling Association, ) distinguishes between competence‐based and value‐based referrals. This phenomenological research explored student counselors' (N = 10) perceptions of client referrals across a range of cognitive developmental positions. Findings indicated nuanced understandings of competence, values, referral processes, responsibilities of supervisors, and learning environments. Implications for counselor education and supervision are discussed.