Faculty and medical students' conceptions of an optimal progression toward graduation as defined by academic and psychosocial markers were compared. Twenty-four academic indicators of success or difficulty, primarily examination scores or clerkship evaluations, and 10 other indicators of progress toward graduation were assessed by 23 faculty and 43 medical students. In general, the examination-related indicators were estimated to have similar importance by the students and the faculty. Students placed their major emphasis on passing the major examinations, while faculty gave equal value to evidence of academic excellence (e.g., high scores, publishing a paper, presenting one's own research), and evidence of participation in academic or professional organizations. It is suggested that these differences probably reflect the different career orientations of the faculty and students. Greater relative importance was placed on the negative indicators than the positive ones. Three items for which the faculty responded less homogeneously than did students were "attempted suicide,""sought psychiatric help," and "sought short-term counseling." Students perceived these three indicators more negatively than did faculty. The implications for academic advising of students' career orientation and attitudes toward grades are briefly addressed. (SW)