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This study aims at determining how the in-group status modulates the link between relative deprivation, self-esteem (level, perception of variability and magnitude) and the recourse to protection mechanisms of self-regard (discounting and devaluing). Data gathered among managers (49 males and 63 females) reveal that in the situation of high relative deprivation, men have a greater propensity to discount and devalue as well as a more stable self-esteem (magnitude) than women. However, men and women with high levels of relative deprivation do not differ in terms of self-esteem level and perception of variability. The discussion highlights the theoretical and practical implications of this study.