The role of the college and university president is examined, including myths, expectations, and realities of the presidency. Data are gathered from research studies, interviews with many presidents, and the author's personal experience as a college president. Among the issues discussed are presidential selection and evaluation, the relationship between the governing board and the president, problems of leadership in multicampus systems, collective bargaining, and the personal side of the presidency. Specific chapters deal with these issues as well as: the college presidency--yesterday and today; the new college president; the president and governance; assessing presidential effectiveness; and the president and educational leadership. Several requirements for effective leadership for higher education are offered such as political effectiveness, visible leadership, the ability to teach the public, and a sense of service to the human spirit. (LC)/ ERIC.