This study investigates the joint impact of personality characteristics and self‐efficacy on the perceived academic achievement of medical students on top of their prior high school performance. The sample consisted of medical students in their pre‐clinical years. The students’ grade point average scores at high school were included as control variable in our explanatory models. Based on previous findings in the literature, we selected self‐discipline, social activity and emotional stability from the Five Factor Model of Personality as predictor variables. Furthermore, following the social cognitive theory of Bandura, we added self‐efficacy (students’ belief in their academic skills) as an additional predictor. The logistic regression analyses confirmed the importance of self‐discipline (positively related) and social activity (negatively related) for these students’ perceived academic achievement. Additionally, we found a positive contribution of self‐efficacy. The results of this study (as discussed in the final sections) have implications for support programmes in the practical field.