Experiential learning—especially through internships and live industry projects—has become a cornerstone of employability-focused higher education. Universities across disciplines increasingly rely on work-integrated learning to close persistent gaps between classroom knowledge and workplace competence. Yet internship quality varies widely, live projects are often inconsistently assessed, and institutions struggle to measure learning outcomes beyond student satisfaction. This paper develops an integrated framework for designing, supervising, and assessing experiential learning via internships and live projects. Drawing on experiential learning theory and work-integrated learning scholarship, we synthesize global practices and propose a structured model linking inputs (industry partnerships, role clarity, supervision), learning processes (guided practice, reflection, feedback), and outcomes (technical competence, professional identity, employability skills). We present a competency-based assessment architecture using evidence portfolios, reflective analytics, supervisor rubrics, and authentic deliverables. The paper also proposes an integrity- and equity-aware governance approach addressing exploitation risks, unpaid labor concerns, and unequal access to high-quality placements. Practical implementation guidance is offered for institutions and faculty coordinators, including templates for learning contracts, project scoping, and risk management. The paper concludes that internships and live projects produce strong learning gains when they are intentionally structured, mentored, and assessed as credit-bearing learning experiences rather than treated as informal exposure to workplaces