Management education in India is almost six decades old and has come a long way. The discontentment with the outcome of the program has been a continuous worry of all the stake holders including academicians, corporate houses, policy makers in government and students. Management program aspirants are eying at the program as an assured ticket to a high flying professional career, growth, higher salaries, perks and a comfortable life ahead. At the same time the industry is seeking to build human capital as its competitive advantage. Academia has a vital and crucial role to play by producing job ready graduates, which possess the desired skill sets and can give the leverage to the company that they are hired for.  Thereby laying a lot of stress on the competencies that are desired by the industry, and working out the curriculum and pedagogy around it. Any professional course is deemed to provide adequate education and training for the person to be able to deliver and perform as soon as he recruited. This saves time and money that has to be invested in training the employees once they are on-board. This paper is an attempt to review time tested approaches and models of competencies and skills required by management graduates. The twin objective of this study is to look at the corporate expectations in terms of competencies and the competencies that need to be included in training management graduates. The study attempts to bring the essence of all the models in a single frame thereby making it convenient to suggest interventions in management curriculum and enhance the effectiveness of the learning process.

KEYWORDS: Management education, Competency, Competency Approaches, Competency based Management education, Employability skills