In recent decades, the massification and diversification of higher education have generated new challenges for the guidance of university students. The present study focuses on students’ experiences of guidance in relation to their study progress and perceptions of their learning outcomes. The data (n = 4916) were collected from 2010–2013 through yearly Internet surveys whose targeted respondents were the students of a Finnish University. According to the results, general study guidance was a very strong predictor of students’ self-assessed development of their academic and generic skills as well as working life orientation. It also decreased the probability of slow progress in studies. Significant differences between disciplines were found: the Faculty of Education outperformed other faculties in regard to students’ satisfaction with the guidance and the students’ evaluations of their own learning outcomes. The main result of the study is that guidance can play a significant role in students’ academic success.