This study considered the question, how do principals influence student achievement? We adopted a direct-effects model with antecedent effects to measure the relationship between principal characteristics and student achievement. Using such a model, we postulated that preservice principal characteristics, such as training and experience, enable one to predict principals' actions in the school setting that influence student learning. Findings reveal that principal characteristics were significant predictors of student achievement and so explained 3.9% of the variance in achievement. Findings also reveal that principals, as currently distributed, may not have the necessary training to implement change in an era of standards based reform. (Contains 2 tables.)