An exploratory study investigated team-based learning (TBL) for leadership competencies and academic performance while incorporating within-unit diversity. Self and peer-ratings of leadership competencies in TBL courses taught in a US Midwest university were utilized. t-Tests revealed a significant increase in the peer ratings. Test of diversifying characteristics and leadership showed career orientation, gender, major, and work experience as salient variables. Hierarchical linear modeling established peer-rated leadership as a function of team membership and a predictor of student's academic performance. Discussion of the results is presented to highlight a path forward.