The purpose of the current study was to unearth subjective interpretations of women principals concerning job satisfaction and dissatisfaction in their career and to examine whether their interpretations differ from common, "androgynous" constructions of job satisfaction developed outside the field of education but that constitute the basis on which principal job satisfaction has been examined in past research. Based on 15 Israeli women principals' accounts, job satisfaction is constructed in a negative sense, even as endangering to the principal's career success, while job dissatisfaction is perceived to be vital for effective principals. The latter is connected to high task accomplishment, innovativeness and critical reflection. Empirical suggestions for further research are provided. (Contains 2 tables and 2 notes.)