Protean, boundaryless, authentic, and portfolio careers increasingly challenge managers to be proactive and self-regulated. Managers are expected to manage their careers, develop employability, and continually learn. This article proposes a conceptual framework to explain manager participation in career-focused learning and development. It proposes that participation by managers in career-focused learning and development should be understood in terms of the relationship between individual agency and context. The authors suggest three levels to their framework and identify ensuing implications for research and practice. (Contains 1 figure and 1 table.)