Nearly 70% of Korean women pursue postsecondary education, yet they occupy lower‐status positions than do men (K. Kim & Han, ). Therefore, the authors examined relative deprivation in equal opportunities and its effect on career‐related self‐efficacy among 603 Korean female college students. Self‐regulation was hypothesized to mediate the effects of relative deprivation on career decision self‐efficacy. This effect was hypothesized to differ according to parents’ educational attainment due to different degrees of parental support. As expected, self‐regulation mediated the relationship between relative deprivation and career decision self‐efficacy for participants whose parents had high education levels. However, participants whose parents had low education levels demonstrated less involvement in resolving relative deprivation. Findings suggest that career counselors should use different interventions based on parental education level to influence students’ self‐regulation and to enhance career decision self‐efficacy.