To what extent do students and teachers hold similar beliefs about excellent teaching? Do differences in beliefs have practical implications (e.g., how students rate their teachers on end-of-semester evaluation forms)? In Study 1, undergraduate students (N=414) and faculty members (N=128) responded to questionnaires assessing their perceptions of an excellent discussion leader, lecturer, or instructor. Participants judged items that contributed to a Structure composite as more characteristic of excellent lecturers than excellent discussion leaders and items that contributed to a Process composite as more characteristic of excellent discussion leaders than excellent lecturers. Results for students and teachers showed several systematic differences. In Study 2,278 students and their course teachers rated the characteristics of a hypothetical excellent lecturer. In addition, students rated the effectiveness of their individual teachers. Students' ratings of their teachers were higher when students and teachers agreed on their perceptions of characteristics of excellent lecturers.