Recent calls to hold preparation programs accountable for outcomes have led states to develop and adopt preparation program accountability systems. A primary feature of these systems is a focus on outcomes such as placement rates, retention rates, and graduates’ effectiveness in improving K-12 student achievement. Yet, little research has examined the feasibility of employing such outcome measures, let alone the validity and reliability of the inherent judgments. This conceptual study reviews and makes conclusions about the appropriateness of using placement rates to evaluate principal-preparation programs based on theoretical analyses and empirical analysis of statewide placement data from Texas.