We examined the relationship between university outcome expectations and student adjustment using 2 samples of business students. Study 1 (N = 135) reveals that, for students with high academic self-efficacy, outcome expectations had a positive association with satisfaction; in contrast, for students with low academic self-efficacy, outcome expectations were related to lower satisfaction and higher exhaustion. Study 2 (N = 200) reveals that, for students confident in their academic abilities, even when academic and life demands were high, outcome expectations were beneficial for satisfaction and intentions to remain enrolled in their studies; in contrast to predictions, such students also experienced higher exhaustion.