Schools present a unique environment in which to conduct universal screenings for youth depression. The present study examines the efficiency of a multiple-stage assessment procedure assessing youth depression in the schools by calculating hit rates and establishing diagnostic accuracy for the measures used. Girls (N = 3318) aged 8 to 13, participated in a three-stage screening conducted in schools. At Stage 1, participants completed self-report measures. At Stage 2, participants completed either a second self-report measure or a brief symptom interview. At Stage 3, diagnostic interviews were conducted. Hit rates were calculated at Stages 1 and 2 to compare the efficiency of the different assessments. The diagnostic accuracy of the screening measures was investigated through the calculation of sensitivity and specificity indices, logistic regression, and receiver operating characteristic curve analysis. Bias in identification rates across ethnicities was also examined. Comparison of hit rates indicated that the brief symptom interview had greater efficiency in the identification of depression at Stage 2; moreover, the measures demonstrated accuracy in their prediction of depression. Results also indicated a lack of bias in screening measures, as they did not over-identify depression in different ethnic or racial groups. Recommendations for implementation of multiple-stage screenings in schools are discussed.