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The study describes the current situation of the preparation of school principals in Chile, through a characterization of the master’s programs and their comparison with an initial observation of the year 2010, and through an exploration of the effects of that training on their graduates. The results show that the preparation has undergone an important curricular change, which has prioritized the development of leadership skills, but also that it coexists with a methodological stagnation, which remain poor in practical experiences. The effects of the training are diverse and rather weak in the key dimensions of greater influence of the leaders. The Chilean case delivers relevant learning for the challenge of quality training for school leaders in Latin America.