Links between program quality and the quality of students' experience (or student effort) and the quality of academic leadership were explored through an examination of 10 master's programs in 81 departments at a set of regional universities. Rasmussen's leadership instrument was completed by 90 faculty members, and a modified version of the Pace "Quality of Student Experience" instrument was completed by 270 advanced graduate students. Students assessed their academic experience, participation in selected activities, participation in social events and interpersonal experiences with other students and faculty, and their overall experience in the academic program (e.g., personal development, opinion of the program). Rasmussen's leadership instrument covered several areas concerning administrators' performance: fund acquisition and management of funds, their contribution to the academic and research environment, and administrators' level of skills in interaction with faculty and others. The most interesting finding was that academic performance was slightly more important to program quality than administrative performance. Negative relationships were also considered in detail. (SW)