Abstract INTRODUCTION: The Philippine Physician Licensure examinations is a high-stakes examination needed to practice medicine in the Philippines. Prior studies have indicated that performance in examinations might be influenced by student self-regulated learning (SRL) strategies and near-peer mentoring. This study examined how near-peer mentoring influenced SRL strategies of students in the context of these high-stakes exams. METHODS: We conducted a constructivist qualitative research study involving six online focus group discussions with 30 mentees (8 male, 22 female; mean age 28.37) from different medical schools and universities in the Philippines, who participated in a voluntary near-peer mentoring program within a medical review center’s hybrid licensure preparation program Data were analyzed following a six-step approach of thematic analysis. RESULTS: We identified four themes describing the roles of near-peer mentoring in influencing mentees’ SRL, termed the 4Cs of near-peer mentoring: Chaperone, Commandant, Cheerleader and Confidante. Twelve subthemes clarified these roles. Near-peers co-regulated the learning of their mentees due to shared goals, fulfilled psychological needs for competence, autonomy and relatedness, provided a psychological safe space outside of teachers, family and friends and were preferred over faculty mentors due to their credibility, relatability and customized approach to the mentee’s context. CONCLUSION: Near-peer mentoring was perceived to enhance the self-regulated learning of medical graduates through academic and psychoemotional support, fulfilling different key roles. These findings call for developing structured near-peer mentoring programs in high-stakes examination settings, with mentor training aligned to the 4Cs and further research on long-term outcomes.