In this study we examined the developmental trajectories of a national sample of students who participated in a formal leadership program regarding their leadership-related skill, motivation to lead, and leader self-efficacy. We found increases in all areas immediately after participation, with tapering occurring over time. A significant gender effect emerged, as women reported greater initial gains and more loss over time. Students' trajectories with regard to their racial identification were similar; however, results indicated differences in preexisting motivation to lead and leader self-efficacy. In addition, participation in prior formal programs resulted in decreased benefit within this program.