Using the Biggs' 3P learning model and correlational design, this study explores the relationship between students' individual characteristics and course perceptions, approach to study, and academic outcomes, which account for the differences in academic achievement and student delay. 612 Italian students of a master's degree in psychology participated by completing a questionnaire with measures of Presage (prior school background, motivation, self-efficacy, course perceptions), Process (approach to study, class attendance and autonomy in learning) and Product of learning (achievement, delay, satisfaction). Regression analysis and Structural Equation Modelling showed that prior school background directly predicts achievement and delay, while motivation, self-efficacy, teaching and workload perceptions, jointly predict achievement through approach to study. The results underlined differences between on time and delayer students that should be given due consideration by academic institutions in order to develop correct processes and practices that support students on their academic path.