This paper reports the findings of a year-long study of 11 preservice teachers' perceptions of the first year of a teacher preparation program. These students were interviewed individually at least four times, and reported that learning concrete teaching methods was one of the most valuable aspects of their preparation because these methods could be used in their own teaching, because they served as illustrations or examples of teaching possibilities, and because they facilitated the students' understandings of concepts they were being taught. Students also valued having opportunities to work in classrooms because these experiences helped to familiarize them with teaching practices, gave them firsthand knowledge of pupils, contributed to their knowledge of their own beliefs and abilities, and enabled them to see theory being put into practice. The aspects of their preparation which they identified as most unsatisfactory included the heavily theoretical nature of their courses, inadequate opportunities for spending time in classrooms, insufficient instruction in classroom management, and some instances of poor quality instruction. The paper concludes with a discussion of the implications findings might have for teacher educators. An appendix provides mid-year and end-of-year interview questions. (Contains 30 references.) (Author/LL)