A path model predicting students' satisfaction with their field placement was tested on 144 MSW students at a northeastern university. The results showed that supervision was related to satisfaction both directly and indirectly through its influence on efficacy in the field and strain. Amount of preparation for the field affected satisfaction only indirectly by its relationship to higher efficacy. There was no indication that supervision buffered the presumed negative effect of poor preparation on dissatisfaction, strain, or efficacy. Limitations imposed by the cross-sectional design and single-school sample are considered, and recommendations are made to continue attempts to enhance field supervision and increase student preparation. Particular emphasis is given to implementing procedures that address the mediating roles of student strain and efficacy. (Contains 1 table and 1 figure.)