Formal mentoring programs continue to gain popularity within organizations despite limited empirical research regarding how these programs should be designed to achieve maximum effectiveness. The present study examined perceived design features of formal mentoring programs and outcomes from both mentor and protégé perspectives. The outcomes examined were career and psychosocial mentoring, role modeling, and mentorship quality. In general, the results indicated that perceived input into the mentoring process and training perceived as high in quality were consistently related to the outcome variables. Implications for the design of formal mentoring programs and future theory development are discussed.