This paper is a part of a large-scale study on managerial competence and its components. The objectives of the study are related to a standard development for the students studying Management and Hospitality Management Programmes at IUC (International University College) – Dobrich, Bulgaria. This standard is needed in at least two directions. On the one hand, it can appropriately guide lecturers to trace the students’ assimilation of the particular piece his/her preparation. On the other hand, this standard contributes to a higher degree of accuracy and objectivity for the monitoring and evaluation of the students’ progress (or acting manager in practice). It is also possible to examine another aspect of the usefulness of this standard – its correct application helps students to monitor their progress on their own. It, in turn, creates and maintains the students’ sense of self-motivation, which grows into a desire for success and continuity of the self-development process.