Effective principal preparation is a strategic necessity to face the forthcoming "tsunami" of challenges associated with the leadership position in the 21st century. This recognition of the need for specific preparation for aspiring school leaders has been slower to emerge worldwide and in many developing countries such as Malaysia, preparatory training is still not a prerequisite requirement for appointment as a principal. This paper reports on the preliminary findings on the principal preparation program in Malaysia and the effectiveness of the program elements in contributing to the self- efficacy development of the aspiring principals. The qualitative study captured the "live experiences" of two distinct principals and presents their perspectives on how specific elements within their principal preparation program catered to their self- efficacy development. Reflections of the principals led to the conclusion that, although the principal preparation program was viewed as effective in imparting knowledge and skills needed for principal leadership but it could still improve on inducing purposeful elements or experiences to enhance the sources of efficacy beliefs which are vital for self-efficacy development.