The first phase of a longitudinal study conducted at the Fielding Institute investigated the circumstances or characteristics that lead to success for adults in an external graduate degree program, based on interviews with 16 faculty members. Respondents were given a set of cards naming students they knew well. The faculty sorted the cards into groups according to some dimension of student similarity, with the first sorting to be based on a vaguely described criterion of "academic performance." Groups were usually arranged along a continuum from negative to positive, permitting inferences about characteristics considered desirable or undesirable. Faculty interpretations of "academic performance" differed; a list of these interpretations is appended. The second sorting was based on the criterion that first came to mind, which was hypothesized to be connected to what is most important to the interviewee. Descriptions of those criteria are also appended. Preliminary analysis confirmed that patterns existed in the way faculty perceive their students. Four clusters of student characteristics seemed most important to faculty: (1) a productive, rich, and well-organized intellectual life; (2) compatibility in style with the faculty member; (3) self-directedness and ability to use all available resources; and (4) professional competence. (SW)