In this article we extend consideration of differences of interest in employment relationships to career issues. Two sets of interests – those of employing organizations and of individual workers – often make careers ‘contested terrain’ in which organizations pursue strategic advantages and individuals personal advantages. The contestation is contextualized by current trends to individualized employment relations and a focus on managerial, professional and technical work. The two interest sets mirror a disjuncture between two disciplinary bases, the ‘vocational’ base underpinned by psychology and the ‘strategic human resource management’ (SHRM) base, underpinned by economics. We develop a ‘psychological contract’ model, in which both individuals and organizations invest knowledge capital in the other with a view to obtaining long-term returns. We consider the implications of our analysis and model for career management by both individuals and organizations, for future research on careers, and for the interdisciplinary study of careers in an integrated ‘career studies’.