A growing body of empirical literature has demonstrated beneficial aspects of shared leadership for self-managing teams. However, the preferences and outcomes for individuals within the teams with shared leadership have largely been neglected. In this paper, we employ job-demands and resources theory to examine the cross-level impact of shared leadership on the stress and work engagement experienced by individuals. Our findings show that, on average, shared leadership is associated with greater engagement in team members. Further, our results also demonstrate that the effect of shared leadership on individual stress and work engagement are contingent on their leadership structure schema. Overall, this paper serves to highlight how the impacts of shared leadership proceed along different lines for different individuals, which has important implications for the research and practice of shared leadership.