The purpose of this research was to develop and test a model of effective self-regulated learning. Based on effort expenditure we discerned effective self-regulators and less effective self-regulators. The model comprised achievement goals (mastery, performance-approach and -avoidance goals), metacognition (metacognitive knowledge, regulation and experience), study strategies (metacognitive, deep cognitive, surface cognitive and resource management strategies) and academic achievement. The relationships in the model were tested with controlling for intellectual ability, gender and age. The results showed that effective self-regulated learning involved two pathways: a metacognitive and a strategy pathway. The first pathway involved a positive relationship of mastery goals and a negative relationship of performance-avoidance goals with metacognition. Metacognition positively affected the use of the four study strategies. The strategy pathway involved positive effects of mastery and performance-approach goals on the use of metacognitive and deep cognitive strategies. Further, performance-approach goals positively affected the use of surface cognitive and resource management strategies. The use of metacognitive and resource management strategies had a positive and the use of surface cognitive strategies had a negative effect on exam scores.