Academic achievement can be thought of as the extent to which learning has been accomplished. Previous work suggests that students' self-esteem is impacted by academic achievement, though it is not entirely clear why this is. The current study therefore explored this through interviewing eight psychology students from a Scottish university, before using Braun and Clarke's (2006) six stage reflexive thematic analysis to analyse the resultant data. Two themes of Grades and feedback and Peer comparison were identified, highlighting two important conclusions. Firstly, self-esteem is positively impacted by strong performance, and negatively impacted by poor performance but that crucially, this is mediated by others' poor performance. That is to say, good grades and feedback make students feel good, and poor grades and feedback make students feel bad, but such 'badness' is appeased if peers perform equally poorly, which has potential consequences for peer relationships. Secondly, students value feedback in order to increase their chances of academic achievement, noting the negative impact on self-esteem when feedback is not constructive, just critical. This highlights the importance of 'mindful marking' in terms of taking care to provide useful feedback to students to improve their work; something that is reported to be hugely appreciated. Implications, limitations and future research suggestions are detailed.