This paper presents both theoretical and survey evidence on the effect of flexible learning--in particular, the shift to a more student-centred approach to learning--on academic achievement by students. A survey was conducted of 577 business students at a major Australian university in order to elicit their preferences for academic achievement and effort. The results support the theoretical predictions that the effect on academic achievement of greater student autonomy over their learning environment is ambiguous. More academically motivated students and females have a significantly higher probability of choosing a learning technology that provides greater academic reward for effort.