This study investigated the factor structure of an instrument to measure social work students' perceptions of preparedness to enter managed care environments. Exploratory statistical procedures to reduce data through principle component analysis identified nine factors with eigenvalues greater than 1.0. These factors include: perceived understanding of agency financial agendas, managing personal risk and liability, perceived understanding of agency documentation requirements, awareness of ethical and value conflicts in documentation, classroom preparation for documentation, understanding the fit between client advocacy and managed care agendas, worrying about law suits in employment settings, perceived understanding of managed care gatekeeping and service authorization, and perceptions of field preparation for documentation. Recommendations are made for utilizing this brief self-report instrument in training students for managed care settings.