By the year 2000 women will constitute more than 50 percent of the workforce in the United States, yet their representation in top management and executive-level positions continues to hover in the single digits. This “glass ceiling,” which is conceptualized as limiting women's advancement into these roles, has been the subject of much debate and research over the last fifteen years. As both an equal rights and key competitive issue, the topic of women and leadership is gaining ever-increasing emphasis and momentum in American corporations. Although leadership skills have been advocated as a key human capital/person-centered variable leading to managerial ascendancy for women, the empirical research directly investigating this link is virtually non-existent. This longitudinal study proposed to measure the strength of this relationship using a matched sample of male and female managers. Eighty-five subjects, from the same U.S. based health-care products corporation, had previously participated in a multirater assessment process where seven different facets of their leadership skills were evaluated. Time two data were collected on four objective measures of ascendancy: percent change in salary, number of promotions (job moves) either offered or accepted, change in number of direct reports, and change in number of indirect reports. Multivariate analysis of covariance indicated that perceived leadership ability did lead to increased ascendancy, specifically in terms of percent salary change, for the female managers, but not for the males. Multiple regressions indicated that the female managers were not rewarded, necessarily, for gender congruent behavior in this organization, while male managers did appear to be rewarded more so on that particular dimension. Implications of these findings for female managers in the workplace were discussed.