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This study examines the accuracy of individual perceptions (self-estimates) of acquired competence. A concept of relative competence is introduced to account for variation in rater elevation and differences in importance (significance) of specific competencies. The results indicate that the self-estimates of job-specific competencies are well executed. Because the distortion in elevation and stereotype accuracy is largely associated with general constructs, the findings suggest that we should focus on modelling competencies to the job. The results also show that even without a correction for interrater differences or a correction for the importance of different competencies, the competency model carries value-relevant information.