The purpose of this study is to determine how recent elementary education graduates and their principals perceive, in terms of competencies, preparation for teaching. A poll was taken of a group of teachers in their first year of teaching in elementary schools. Their principals were asked to respond to a similar poll. The study was designed to provide answers to the following questions: (1) How do recent graduates of an elementary education program perceive their undergraduate preparation for teaching? (2) How do elementary school principals perceive the undergraduate preparation of their teachers? (3) Do principals and teachers perceive undergraduate preparation for teaching in the same manner? The results seem to indicate that principals and teachers view the preparation for teaching in a different manner. Principals do not perceive the various components of preparing teachers, but rather view teacher education in its totality. Teachers view their preparation as being composed of several major elements and view their teaching programs as being somewhat more effective in preparing them to teach than did the principals. While both teachers and principals gave approval to undergraduate preparation, there were indications that program improvement is needed. (JD)