Although invested study time is expected to relate to exam performance, research findings have been mixed. Therefore, the current study examined (a) the role of self-study time above and beyond relevant student characteristics, affective-motivational processes (i.e. academic self-efficacy, learning goal orientation, and action-state orientation) and the cognitive learning activities deployed while studying the course (i.e. deep, stepwise, and concrete processing), and (b) whether the effect of self-study time on course grade is moderated by these affective-motivational and cognitive learning activities and/or by student characteristics. Ninety three freshmen following a Macro-Economics course and 70 freshmen enrolling in Financial Accounting 2 participated. For Macro-Economics, self-study time predicted course grade above and beyond relevant student characteristics, the degree of class attendance, and course-specific affective-motivational and cognitive learning activities. No interaction effects were obtained. For Financial Accounting 2, students only benefited from more self-study time when they made few exercises.