This study examines how high school preparation, standardized test scores, and scores on program entrance examinations are indicators of White, Black, and Hispanic students' academic performance and completion of teacher education programs. Transcripts of teacher education students (N=712) matriculating in traditional 4-year teacher education programs were collected and analyzed. Results indicate that: students of all races and ethnic groups within the same institution are admitted using the same policy and standards; a correlation exists between high school grade point average (GPA) and success in teacher education programs; GPA is a better predictor of success than Scholastic Aptitude Test (SAT) scores; type of institution attended has a significant effect on mean grades earned; no significant effect was found between race/ethnicity and grades earned; performance in methods courses is better than in foundation courses; completion data indicates a higher attrition rate for Blacks than for Whites and Hispanics; and the highest graduation rate for all students is in large research institutions. A large part of the report consists of tables. The report concludes with three appendices: Teacher Education Institutions by Type, Institutional Data, and Supplementary Tables. (Contains 60 references.) (LL)