Abstract
Takes as its starting‐point the need for new ways of approaching management development. Introduces the competence‐based model promoted by the Management Charter Initiative and outlines a conceptual framework for conceiving the value of qualifications. Distinguishes and explores notions of use and exchange value. Uses a case study based on interviews with 58 managers to examine perceptions on, and experiences of, a competence‐based management development programme. Discusses the wider implications of the findings and concludes that biographical information helps to explain individuals′ reactions to training and qualifications opportunities.