Contemporary research on physician well-being fails to account for individual variation of optimal functioning. This paper explores if psychological well being is predicted by self-regulation — how individuals effectively manage their thoughts, emotions and behaviours, and cope with adversity. The findings illustrate that significant variance in levels of psychological well-being is explained by self-regulation capacity. More specifically, the results suggest that physicians who effectively self-manage may be better able to preserve a sense of purpose and an adequate work-life balance in their daily life. Understanding and developing self-regulation as a valuable skill may help physicians achieve well-being.