This study examined the effect of strategy instruction and incentives on performance, confidence, and calibration accuracy. Individuals (N = 107) in randomly assigned treatment groups received a multicomponent strategy instruction intervention, financial incentives for high performance, or both. The authors predicted that incentives would improve performance, while strategy instruction would improve performance, confidence, and calibration accuracy as a result of better monitoring and self-regulation of learning. The authors compared pre- and posttest items and 20 new posttest-only items. They found significant effects for strategy training on performance, confidence, and calibration accuracy, as well as the interaction between strategy training and time on calibration accuracy. Incentives improved performance and calibration accuracy, either directly, or through an interaction with strategy training. Implications for future research are discussed.