Findings of a study of beginning principals and their roles as managers are presented in this paper. Interviews were conducted with 12 new primary and secondary principals in Victoria, Australia as part of a longitudinal study from 1989 to 1993. This paper focuses on interview data collected during the first year of the study. Drawing from Mintzberg's 1973 work, "The Nature of Managerial Work," three aspects of managerial work are identified: (1) its nature; (2) its characteristics; and (3) managerial roles. Findings related to the nature of the new principals' managerial work indicates that principals' jobs are similar; principals engage in challenging and nonprogrammed work; they are both generalists and specialists; and their roles are complex. The job is characterized by an unrelenting pace and fragmentation, brevity, and variety. New principals also demonstrate a preference for action and verbal communication and have strong communication with external networks. Finally, the beginning principal engages in a variety of interpersonal, informational, and decision-making roles. (Contains 25 references.) (LMI)