The pandemic and war in Ukraine have significantly transformed management processes. This has led to increased requirements for managers’ professional and general competencies. Hence, the higher education system should be reoriented, considering new challenges and needs of the labor market. This study aims to identify the demand for current management competencies in the labor market for the positions of state and corporate management specialists and develop a theoretical and methodological basis for updating the standards of higher education in Ukraine. This paper employed statistical analysis and grouping to identify the demand for management skills in the labor market of Ukraine by processing 4,500 job advertisements at job websites. In addition, sociological and expert methods were used to confirm their demand among Ukrainian employers with an expert pool of 101 experts with more than 3 years of management experience. As a result, current management competencies are highlighted. The demand for them is confirmed by the high frequency in job advertisements (expertise in professional activities – 100%, leadership skills – 71%, digital skills – 65%, organizational and communication skills – 59% each, strategic skills – 52%) and by the expert survey. This made it possible to develop a model of management competencies, which is a theoretical and methodological basis for updating the standards. Furthermore, this comparative analysis revealed that there are no specific skills in the standards for master’s training.