The study reported here is intended to address both the concerns regarding the lack of successful administrator preparation programs and the need for additional research which can be used to evaluate administrator preparation programs. This study used student-created exit portfolios as the database for a qualitative document analysis of two forms of degree program delivery: the traditional and academy program formats. This analysis of portfolios as a performance assessment measure of student proficiencies related to the Interstate School Leaders Licensure Consortium (ISLLC) standards for school leaders indicated that both traditional and academy formats were effective in preparing students to apply those standards to school situations. Students in both delivery models perceived growth and were able to demonstrate their skills and performances by creating strong artifacts and completing executive summaries and narratives describing their growth in relationship to each standard. Both programs appear to have yielded a clearer understanding of the guiding framework (ISLLC Standards) and high levels of confidence in leadership abilities. There were, however, differences between the two delivery models. Traditional students perceived a broader range of growth than did those in the academy format. Academy students indicated more consistency in their ratings on the self-assessment than did traditional students. The executive summaries of both groups reflected similar growth comments and patterns. (Contains 10 endnotes and 7 tables.)