This study presents a meta‐analysis of 25 individual differences proposed to be related to effective leadership, with an emphasis on comparing trait‐like (e.g. personality and intelligence) to state‐like individual differences (e.g. knowledge and skills). The results indicate that although both trait‐like (achievement motivation, energy, dominance, honesty/integrity, self‐confidence, creativity, and charisma) and state‐like (interpersonal skills, oral communication, written communication, administrative/management skills, problem‐solving skills, and decision making) individual differences were consistent predictors of effective leadership, the impact of trait‐like and state‐like individual differences was modest overall and did not differ substantially (ρ= .27 and .26, respectively). Finally, organizational level of the leader, method of predictor and criterion measurement, and organization type moderated the relationship between individual differences and effective leadership.