The review of literature clarifies that teacher education starting from the faculty as a preservice process needs refreshment in making revisions of its boundaries, competences and classifications as providing gains for the whole system. Thus, this study provides a sample for other subject fields of teacher education since it aims to show how a new generation tool named as European Portfolio for Student Teachers of Languages (EPOSTL) can be used to define the needs of prospective English as a foreign language (EFL) teachers and foster the teacher education system with its gains. The sample of the study consists of 4th grade prospective EFL teachers studying at Hacettepe University, Department of ELT (N=38). For data collection, the adapted 5 point Likert-type scale version of EPOSTL was applied to the participants. In the data analysis process in addition to the calculations of frequencies and percentages, some parametric statistics were used. The findings of the study reveal that EPOSTL can be a new tool for describing the competences of both prospective and in-service EFL teachers which could be inspiring for other teacher education programs as well.