Managerial competencies identification and development are important tools of human resources management that is aimed at achieving strategic organizational goals. Due to current dynamic development and changes, more and more attention is being paid to the personality of managers and their competencies, since they are viewed as important sources of achieving a competitive advantage. The objective of this article is to identify managerial competencies in the process of filling vacant working positions in knowledge-based organizations in the Czech Republic. The objective was determined with reference to the Czech Science Foundation GACR research project which focuses on the identification of managerial competencies in knowledge-based organizations in the Czech Republic. This identification within the frame of the research project is primarily designed and subsequently realised on the basis of content analysis of media communications such as advertisements - a means through which knowledge- based organizations search for suitable candidates for vacant managerial positions. The first part of the article deals with theoretical approaches to knowledge-based organizations and issues on competencies. The second part evaluates the outcomes of the survey carried out, and also summarizes the basic steps of the application of competencies. The final part summarizes the benefits and difficulties of applying the competency-based approach as a tool of efficient management of organizations for the purpose of achieving a competitive advantage.