This study investigates students' "preference" for team learning and its effectiveness, compared to lecture-based learning. A quasi-experiment was set up in a financial accounting course in the first-year undergraduate of the Economics and Business Administration Program, where students had to choose between one of the two learning methods (team learning or lecture-based) and subsequently followed their preferred method of pedagogy. The quasi-experiment was administered for a first-year undergraduate class, with data for 291 students. The "first" objective of this study is to investigate students' preference in relation to their gender, ability, motivation, and learning strategy. The "second" objective is to explore whether a team-based approach is more effective than lecture-based learning, when students participate in their preferred method. The "results" show that female students had a higher preference for team learning than male students. Furthermore, students with a preference for team learning had a lower ability level, were more intrinsically motivated, had less control of their learning beliefs, were more help seeking, and were more willing to share their knowledge with peers. The team learning approach resulted in increased performance, compared to the lecture-based setting, while controlling for differences in gender and ability. This beneficial impact of team learning on performance was not found for other courses (in which team learning was not implemented), leading to the conclusion that team learning offers an appropriate learning method at the university level for a first-year course. Implications for student learning, faculty members, and institutional policy are discussed.