Research has confirmed the prevalence of depression in women, based on theoretical explanations that encompass genetic/endocrinological factors, the learned helplessness model, the cognitive model of depression, the effects of marital and occupational roles, and/or social discrimination. Women (N=215) completed a questionnaire which examined undesirable life events, occupational and marital roles, learned vulnerability variables of achieving style, dominance in relationship, mastery, attitudes toward feminism, and background variables. Results indicated that employment was not related to depression; among employed women, higher-level occupations were related to lower depression. Divorced or separated women were more depressed than married and never-married women. The occupational groups (professionals, clerical/sales workers, homemakers, semi- and unskilled workers) differed significantly on the suggested vulnerability variables. The best predictors variables for depression were attitudinal mastery, general life dissatisfaction, absence of a confiding relationship, global mastery, and reliant-relational achieving style. The findings suggest that occupational levels need to be differentiated when examining the relationship of women's employment and well-being. (Author/NRB)