This article responds to the rise of the micro-credential movement. It evidences the heightened attention politicians, policy-makers and educational leaders are giving to micro-credentials by framing the discussion in several recent high-level policy developments, an exponential growth in the number of academic publications and the increasing level of interest shown by popular media. It follows that micro-credentials appear to be high on the change agenda for many higher education institutions (HEIs), especially in the post-COVID-19 environment. However, the emergence of the micro-credential raises several crucial questions for educational leaders, set against fear of missing out. Importantly, the paper identifies a significant gap in the literature regarding leadership and strategic institutional responses to micro-credentials. Indeed, there is a dearth of literature. Leadership is crucial to the success of any educational change or innovation, so five key questions are presented for institutional leaders. They challenge institutions to make strategic decisions around how they engage with and position micro-credentials. If micro-credentials are part of an HEI's change agenda, then serious consideration needs to be given to the type of leadership and internal structures required to develop and execute a successful micro-credential strategy. Consideration must also be given to fit-for-purpose business models and how to mitigate potential risks. We hope to bring these strategic questions to the table as institutions plan, envision and develop their micro-credential strategies.