Assessment plays a significant role in the learning process, with both positive and negative feedback providing useful information for students. In the case of positive feedback students are comforted in their quality and direction of their study efforts, whereas negative feedback can encourage a reassessment of study strategies and effort. However, the relationship between negative feedback and future performance is a complex one that must take into consideration the cognitions of students about the feedback process. Specifically how a student thinks about their assessment will influence their response. In this exploratory study, using post-graduate business students, we examine how assessment results influence fairness perceptions and the consequences for selfefficacy beliefs regarding future performance. Implications for teaching are also discussed.