A preliminary study was conducted of the University of Southern California Metropolitan Teacher Education Program, a 5-year program designed to ensure a "tight connection" with the metropolitan schools in the area, with emphasis on the development of professional collegial "teams" of master teachers in inner city schools, program coordinators, faculty, and student teachers. Both graduates and school principals who had hired graduates of the program were surveyed. First-year teachers (n=108) were asked to reflect on their preservice teacher education experiences and how well prepared they felt to accept a first-year teaching assignment; the school principals were asked to respond to the same items. Results of the study suggested that methods of instruction and student teaching elements are functioning effectively. Analysis of the data indicated agreement between first-year teachers and their principals that perception of overall preparation for first-year teaching was good; there was also agreement that graduates' subject matter preparation was not good, though there was agreement that graduates' procedural and technical skills were high. Additionally, findings suggested the overall preparedness for both graduates and principals was primarily related to the procedures of instruction, with little or no relationship to subject matter knowledge, pre-student teaching academics, and professional socialization and development. (Contains 24 references, 1 figure, and 4 tables.) (ND)