diff --git a/IPython/core/magics/basic.py b/IPython/core/magics/basic.py
index cf86ac8..eacc93f 100644
--- a/IPython/core/magics/basic.py
+++ b/IPython/core/magics/basic.py
@@ -306,12 +306,13 @@ Currently the magic system has the following functions:""",
     @line_magic
     def profile(self, parameter_s=''):
         """Print your currently active IPython profile.
-       
+
         See Also
         --------
         prun : run code using the Python profiler
                (:meth:`~IPython.core.magics.execution.ExecutionMagics.prun`)
         """
+        warn("%profile is now deprecated. Please use get_ipython().profile instead.")
         from IPython.core.application import BaseIPythonApplication
         if BaseIPythonApplication.initialized():
             print(BaseIPythonApplication.instance().profile)
diff --git a/IPython/core/tests/test_profile.py b/IPython/core/tests/test_profile.py
index e9d399d..36067dc 100644
--- a/IPython/core/tests/test_profile.py
+++ b/IPython/core/tests/test_profile.py
@@ -113,8 +113,8 @@ class ProfileStartupTest(TestCase):
 
     @dec.skipif(win32_without_pywin32(), "Test requires pywin32 on Windows")
     def test_startup_ipy(self):
-        self.init('00-start.ipy', '%profile\n', '')
-        self.validate('test')
+        self.init('00-start.ipy', '%xmode plain\n', '')
+        self.validate('Exception reporting mode: Plain')
 
     
 def test_list_profiles_in():