We studied the psychological sequelae of participation in a first women's studies course. It was hypothesized that this course would impact women's social identities (collective self-esteem, CSE) and attitudes about gender (sexist and feminist beliefs). Further, we hypothesized that more liberal attitudes about gender would enhance mood, whereas awareness of devaluation (public CSE) would reduce mood. Female students enrolled in Psychology of Women (n= 55) and Introductory Psychology (n= 41) provided data at the beginning and end of an academic semester. As predicted, Psychology of Women students endorsed significantly more liberal attitudes about gender and awareness of devaluation over the course of the semester. Further, acceptance of feminist attitudes buffered against anxiety, whereas awareness of devaluation increased anxiety. The net effect was a nonsignificant change in anxiety for Psychology of Women students over time.