Management education has the responsibility to provide industry with graduates equipped with relevant management competencies (Christou 2002). This paper agrees with this view and reports on the first and second stages of a longitudinal study that explores tourism and hospitality students' perceptions of their competency development in the first and final year of the Bachelor of Business in Tourism program. A self-assessment instrument that measures perceived competence in management competencies and roles within the Competing Values Framework (CVF) (Quinn, Thompson, Faerman & McGrath 1996) was used. Results from this investigation indicate that since the outset of their tertiary studies, students perceive they have begun to develop a majority of the competencies and roles tested. Students' perception of improving skills and competencies in these roles indicates they are taking steps towards mastery of management (Quinn et al. 1996), and thereby acquiring competence in areas important to their careers in industry. The outcomes of this research contribute to development of appropriate educational experiences, which in turn assist competency development that enhances student career opportunities and experiences.

Australian business graduates are deemed by industry as not being ‘job ready’ (BCA 2006; BIHECC 2007), lacking the skills required to successfully apply disciplinary knowledge and add value to our globalised, knowledge economy. There exists a lack of empirical evidence and professional input for business schools on profiling the attributes valued by industry. This is especially true for those majoring in management who are consistently overshadowed by their more commercially attractive postgraduate counterparts. In a bid to satisfy industry demands, the most common response among Australian business schools are the development of employability skills and enhanced involvement of industry professionals in curricula content and design, both subject to potential failings and criticism. This review of business school efforts to bridge the skills gap also examines the role, function and impact of undergraduate management education, a research area significantly overlooked in recent years.