In a country like Pakistan (and similar developing countries) where teachers are not represented in decision making bodies and perception of the profession itself is low, a broader question which needs to be deliberated upon is how is it possible ‘to produce’ teachers/teacher-educators who ‘think they are able’ to make a difference? A case study of a Masters in Education program at one of the private universities of Pakistan was carried out in order to explore the link between teacher education and their level of self-efficacy. One would expect that with the systematic exploration of school improvement related issues and concerns, the graduates understanding of what makes teachers/teacher educators more efficacious will grow and so will their faith in themselves. With this premise the specific purpose of the research was to assess whether the Masters in Education program at the university had changed the perceptions of teacher graduates about their own ability to effect educational change? The data for the study was collected at two points in time, i.e., entry into the program (Time 1) and exit (Time 2) and consisted of responses to the six subscales of Bandura’s teachers’ self efficacy scale. The pre-test provided a base against which the post-test scores were measured. The findings suggest that the two year Masters in Education program at the university did bring about changes in the perceptions of graduating students about their efficacy as change agents. Implications of the findings for teacher education are also discussed.