In the current entrepreneurial environment characterised by the dynamic development and changes, organizations have to promote the development of their employees in order to achieve a competitive advantage. Th erefore, the personality of a manager who is a holder of specifi c knowledge, abilities, skills, traits, motives, attitudes and values becomes increasingly important as it is the main source for gaining a competitive advantage. Managerial competencies, i.e. the individual characteristic necessary to reach the required level of a manager's performance, together with an effi cient management thus become the key factor of success. Th e article focuses on the identifi cation of managerial competencies in knowledge-based organizations in the Czech Republic. Th e fi rst part of the article focuses on the theoretical approaches to managerial competencies, competency models and knowledge-based organizations. Th e second part of the article deals with the proposed methodology for the identifi cation of managerial competencies. Th e fi nal part summarizes the benefi ts and diffi culties of applying the competency-based approach as a tool of the effi cient management of organizations for the purpose of achieving a competitive advantage. Th e utilization of managerial competencies to achieve competitive advantage is important in all fi elds including the economics and management of agriculture and other similar fi elds.