Objectives “Exits” in cognitive analytic therapy (CAT) are methods that change unhelpful patterns or roles during the final “revision” phase of the therapy. How exits are conceived and achieved is currently poorly understood. This study focussed on the revision stage to explore and define how change is accomplished in CAT. Methods Qualitative content analysis studied transcripts of sessions 6 and 7 of a protocol delivered 8‐session CAT treatment for depression. Eight participants met the study inclusion criteria, and therefore, 16 sessions were analysed. Results The exit model developed contained 3 distinct (but interacting) phases: (a) developing an observing self via therapist input or client self‐reflection, (b) breaking out of old patterns by creating new roles and procedures, and (c) utilisation of a range of methods to support and maintain change. Levels of interrater reliability for the exit categories that formed the model were good. Conclusions The revision stage of CAT emerged as a complex and dynamic process involving 3 interacting stages. Further research is recommended to understand how exits relate to durability of change and whether change processes differ according to presenting problem. Key Practitioner Messages Exit work in cognitive analytic therapy is a dynamic process that requires progression through stages of insight, active change, and consolidation. Development of an “observing self” is an important foundation stone for change, and cognitive analytic therapists need to work within the client's zone of proximal development. A number of aspects appear important in facilitating change, such as attending to the process and feelings generated by change talk.