The Department of Education is moving to change accountability for teacher preparation institutions to include surveys of the graduates and their supervising principal following paid employment. This study describes one of a number of quantitative studies that examine the validity and usefulness of such follow-up surveys. Using multiple years of data, the authors examined the effect of teacher socioeconomic status and ethnicity on principals' evaluation of the teachers' preparation. The results indicated that there was no difference in ratings based on graduates' parent education, family income, or ethnicity. Post hoc evaluation showed that Latino teachers were rated better prepared to work with diversity in the classroom and to teach English learners. Bias does not appear to be part of principal evaluation. However, because principals are prone to rating teachers on a binary, satisfactory/unsatisfactory basis, follow-up surveys may not be the most useful tool for assessing some nuances of teacher preparation.