While principals play critical roles in mediating inequitable teaching and learning conditions in their schools, scholars have long argued that some remain unprepared for this responsibility. However, these arguments are often supported by qualitative studies of school leaders, years after their pre-service preparation. Using survey data on two cohorts of Master of School Administration (MSA) graduates, also pre-service principals, across North Carolina, this study analyzes their perceptions about their preparedness to engage in equity-oriented leadership. The study leverages the new Principal Fellows policy in North Carolina, a competitive grant program that awards state funds to principal preparation programs demonstrating exemplary principal program features and a focus on preparing school leaders for equity, as the basis of its evaluation. Overall, MSA graduates reported being very well prepared to enact equity-oriented leadership practices, though this preparedness was significantly higher for graduates across Principal Fellows preparation programs. The main finding from this study is that principal preparation program quality is the most significant predictor of graduates' preparedness to engage in equity-oriented leadership. The findings from this study offer implications for principal preparation programs, policy, and future research.