In Chile, the main offer of training for principals is in Master’s degree programs, which have shown to lack systematic mechanisms for evaluating the graduation profile. The objective of this study was to describe the most and least significant competencies, in terms of their application in the exercise of school leadership. For this purpose, a survey was applied to 2012–2018 graduates and an interview to those in the position of principal and collaborators. The results show that all the competencies of the profile are highly valued, the most significant being n° 2: designing strategies to motivate the community towards a shared vision; followed by n° 3: analyzing the professional development needs of the teaching staff and providing professional support; and n° 5: analyzing management practices and organizational goals from a systemic viewpoint. On the other hand, competency 6, on accountability mechanisms, is the one that is difficult for some graduates to apply.