A study examined students' perceptions of what it is that distinguishes effective from ineffective university supervision. Subjects were 83 early childhood education majors enrolled in two field-based reading methods courses offering six weeks of university instruction and four weeks of classroom experience. Students responded to questionnaires that elicited their attitudes toward the observation/evaluation process and the strengths and weaknesses of the university supervising teacher. Results showed that, contrary to what some of the literature suggests, the university supervisor is still perceived by students as playing a vital role in the students' professional development. The students' perceptions of what contributed to a supervisor's effectiveness clustered largely in three areas: attitudes, handling of the observation process, and the manner in which feedback was given. Finally, students' concerns did not concentrate on the strengths and weaknesses of a particular supervisor, but tended to generalize to the supervisory process itself. (Copies of the questionnaires, and profiles of the effective and ineffective university supervisors are appended.) (FL)