Public schools in the U.S. face ever increasing accountability measures as a result of the No Child Left Behind Act (NCLB 2001) and the adoption of the Common Core State Standards in the majority of states (Guskey, 2011). Linking teacher evaluation to student outcomes is yet another example of the pressure educators feel in the current U.S. educational climate. There is a growing body of research indicating that teaching is a key component of student success (Darling-Hammond, 2003; NCES, 2008). However, there are few studies that document the early development of teacher leaders in pre-service teacher preparation programs, including its benefits and challenges. The purpose of this study is to describe and analyze pre-service teachers' conceptions of teacher leadership and to document evidence of the skills and knowledge necessary for teacher leadership displayed by pre-service teachers.