In this study, we assessed the feasibility of a specific elaboration of the efficacy construct, distinguishing between personal and contextual aspects, as a criterion for comparing learning environments. The participants were 163 students from two student-regulated and two teacher-regulated programs in higher education. We measured students’ perceptions of autonomy and various aspects of perceptions of efficacy in common learning tasks. Using principal components analyses, we assessed the structure of all the relevant variables. Subsequently, analyses of variance were performed with regulation source, discipline and grade level as factors. All variables emerged as separate scales with high internal consistency. Students in student-regulated programs reported a higher level of organisational efficacy expectancy, implying that these students perceived better organisational conditions for supporting their task performance. It is concluded that the distinction between personal and contextual aspects of efficacy is a promising distinction. However, a more fine-grained conceptualisation of teacher and student regulation is needed.