As the role of the principal changes, so too must principal preparation programs and the policies that guide them. In order to ensure that our schools have a strong supply of dynamic leaders who are adequately prepared for the demands of 21st century schools, there is a growing need for innovation and improvement in principal recruitment, preparation, and professional development. The functions that dominate the day of a modern principal -- student affairs, instructional leadership, personnel issues, interpersonal relations, etc. -- cannot be mastered through theoretical coursework alone. Modern school leadership preparation programs must offer aspiring principals an opportunity to practice these skills with robust supports. This study highlights two innovative programs -- the Northeast Leadership Academy (NELA) in North Carolina and the Kansas City Pathway to Leadership in Urban Schools (KC PLUS) in Missouri. In creating programs to meet the unique needs of districts located in rural and urban settings, respectively, both NELA and KC PLUS have built rigorous, practice-based principal preparation programs with a focus on equity. We will take a closer look at each program, and will consider the policy conditions that both supported, and hindered, the programs' success. While certification and degree credentials are the tangible outcomes of each of these programs, they are more focused on refining the practical application of the skills required to be an effective school leader. For too long, teacher and principal preparation programs have had low barriers to entry and focused on theory over practice. In contrast, these two principal preparation programs have set high entrance standards and emphasized practice-based learning that equips graduates to be transformational instructional and cultural leaders in their schools, districts, and communities.