In this paper the impact of different types of competences in the labor market for college graduates is investigated. We use two waves of a new data set of Catalan college graduates interviewed three years after graduation. We use wages equation to calculate the payoff to management, communication, specific and instrumental competences. By far, management competences are those which command a higher pay-off. This positive pay-off seems to be independent of individuals’ cognitive capacities. We show that most of the individual endowment in management competences is developed in the workplace. However, a strong background of theoretical knowledge (developed in the class room) helps a great deal to accumulate working related competences and, hence, has a large indirect pay-off.