In clinical practice, there is a well-established developmental path from beginner to post-qualification and on to some form of expertise or mastery. In this paper, I explore whether the outline of a similar pathway could be mapped out for analytic supervision. For the clinician, a key element in becoming more competent and skilled is the capacity to reflect on one's work and learn from experience. To do that the clinician learns to develop a form of internal conversation which orients them to the work. I argue that an important developmental step for the supervisor is to acquire a similar capacity, which I call the supervisor's internal monologue. In this paper, I illustrate what I mean by the supervisor's internal monologue and discuss some of its functions and characteristics.