Two studies concerning the self-regulated learning of graduate students are reported. In the first, the responses of 96 graduate students in education to an inventory of self-regulated learning were compared to those of 294 undergraduates previously assessed. It was found, contrary to expectation, that the graduate students scored lower on the inventory than undergraduate students on all five subscales, with the greatest difference found on the scale of metacognition. These findings were also examined in relation to student grade point average. The instrument was found to be reliable overall, with one scale found unreliable. The second study investigated whether these results would persist on a revised version of the inventory, and whether degree completion served as an appropriate alternative to grade point average as a criterion variable. Subjects were 219 undergraduate and 62 graduate students in education. Results indicated a significant correlation between inventory scale scores and degree completion. In addition, graduate students scored higher on the inventory than students in this case, and suggested that metacognition was more necessary for success for graduate students than for undergraduates, and that motivation is an important element of success on both levels. (Contains 13 references.) (MSE)