Calls for evidence-based reform of teacher preparation programs (TPPs) suggest the question: Do the current indicators of progress and performance used by TPPs predict effectiveness of their graduates when they become teachers? In this study, the indicators of progress and performance used by one program are examined for their ability to predict value-added scores of program graduates. The study finds that rating instruments, including disposition surveys, clinical practice observation ratings, and portfolio assessments, each measure a single underlying dimension rather than the multiple constructs they were designed to measure. Neither these instruments nor teacher candidates' scores on standardized exams predict their later effectiveness in the classroom based on value-added models of student achievement. Candidates' grade point averages during their preparation program and number of math courses were positively associated with their students' math score gains. These findings suggest a need for better instruments to measure prospective teachers' progress toward proficiency.