If there is a national imperative to improve our failing schools, there is also an imperative to strengthen the preparation of those who lead them. The good news is that new research and a growing range of efforts by states and districts point more clearly than ever to effective ways to greatly improve the training principals receive for their jobs. This Wallace Perspective describes the key attributes of effective principal preparation and offers a set of action-oriented lessons that could help states, districts and universities do a better job in providing that training.