Performance on the College Scholastic Ability Test (CSAT) is the primary criterion for university admission in South Korea. High-school seniors typically spend 60 hours or more per week preparing for the CSAT. Private tutoring for the CSAT accounts for nearly 2% of the Korean economy. These investments signify the high stakes attached to the CSAT. Existing literature on high-stakes testing and the CSAT lacks a firsthand perspective of the experience of preparing for such a test. Resolving this gap in the literature may contribute to a more informed discussion of the weight given to CSAT results and the methods used to prepare candidates for the test. The purpose of this qualitative study was to explore the lived experiences of CSAT preparation through interviews with 10 South Korean students. This study utilized interpretive phenomenological research to collect and analyze interview data from the participants. The social cognitive theory (SCT) of self-regulation (Bandura, 1986) was used to interpret participant experiences. SCT offers a comprehensive understanding of how test candidates regulate their motivation and anxiety while navigating the imposed stakes and circumstances of the CSAT. The study found participants were motivated by a combination of parental, societal, and competitive influences while exhibiting extraordinary commitment to their goals. The study also found participants experienced high levels of anxiety resulting from ambitious goal setting in a hyper-competitive environment. These findings suggest further research on the usefulness of high-priced CSAT preparation programs and the potential for improving CSAT performance across multiple attempts is merited. [The dissertation citations contained here are published with the permission of ProQuest LLC. Further reproduction is prohibited without permission. Copies of dissertations may be obtained by Telephone (800) 1-800-521-0600. Web page: http://bibliotheek.ehb.be:2222/en-US/products/dissertations/individuals.shtml.]