This paper explores the role and preparation of academics for senior management and executive positions in colleges and universities, particularly in Australia. A background section cites trends in higher education management and recent critiques of that management and the consequent scrutiny of leadership effectiveness. There follows an exploration of four dimensions of higher education leadership: symbolic, political, managerial, and academic. The argument is made that the symbolic and political dimensions are currently being overshadowed by an emphasis on the academic and managerial dimensions. The central section of the paper looks at the relationship between the academic and managerial dimensions of higher education leadership: whether they represent a continuum or a dichotomy, and their relationship in a climate of change where senior leaders lacking managerial skill are under pressure to change. The paper argues that leaders are being increasingly expected to behave as the leader or chief executive officer of large enterprises operating in a changing environment. These trends suggest a need for the professional development of senior management as well as a clarification of what institutional leadership in the context of higher education actually entails. Includes 20 references. (JB)