Formal leadership development programs enhance what students learn in the classroom by giving them powerful tools for personal and professional success. They are also a differentiator for many institutions. They help schools attract more high-ability students, distinguish themselves from peer institutions, and increase the value of a student's education. Leadership development helps students strengthen their communication and collaboration skills, develop resilience, become more adaptable, and prepare for a world in which they will be expected to be agile and innovative. This paper lays out five key practices for high-impact leadership development: (1) A proven leadership model and development framework; (2) Formative evaluation of students; (3) Relevant, meaningful leadership experiences; (4) Impactful coaching; and (5) Tools and methods that provide a rich, engaging experience. Student leadership development programs that include these 5 elements are much more likely to be successful in nurturing individual growth, improving post-graduation opportunities, and increasing student and alumni engagement with the university.