One of the most alarming developments confronting public school districts today is the shrinkage of applicant pools for principal vacancies. This study was conducted as an empirical investigation about factors that influence high school principal recruitment in a reform environment. Its objective was to examine the influence of school academic achievement, as measured by student scores on standardized achievement tests, school location (inner city, suburban, rural), and school assignment of the job applicant (elementary, middle school, high school) on job applicant ratings of principal positions. Randomly selected assistant principals in Kentucky (N=189) role-played as job applicants and rated principal jobs depicted in formal job descriptions. The most significant finding was that assistant principals rated jobs at low-achieving schools much lower than jobs at high-achieving schools. The Kentucky Education Reform Act (KERA) of 1990 also has a negative influence on principal recruitment because it places new demands on principals, such as increased accountability for student achievement and diminished governance authority. This situation leads to frustration, increased stress, and decreased job satisfaction. Study findings produce new knowledge that informs principal recruitment. It is hoped that study results will stimulate additional research interest in this area. (Contains 22 references, 2 tables, and 1 figure.) (RT)