Employability research on management graduates typically surveys a single stakeholder group and assumes that competency drives employability in broadly similar ways for everyone assessing it. This study instead triangulates three stakeholder perspectives – students, faculty and recruiters – drawn from selected business schools in Bengaluru, to test whether competency perceptions and the competency-employability relationship itself differ across these groups. Primary data were collected from 101 postgraduate management students, 25 faculty members and 22 corporate recruiters, each rating the same eight competency and attribute dimensions (managerial, conceptual/communication, analytical, digital, and leadership competencies; personal, interpersonal and adaptability attributes) and a six-item employability construct. One-way ANOVA found no statistically significant difference in mean ratings across the three stakeholder groups on any of the nine constructs, despite numerically visible gaps of up to 0.27 points on the managerial-competency dimension. Multiple regression revealed a more consequential difference beneath this surface similarity: conceptual/communication competency and interpersonal attributes are the only statistically significant predictors of student self-assessed employability, whereas no single competency dimension is independently significant in the recruiter-assessed employability model, despite the recruiter model explaining a substantially larger share of variance overall. Student self-assessed employability also varied significantly with prior work experience but not with institution type, specialisation or programme. These findings suggest that the more consequential stakeholder gap in management education is not in how competencies are rated, but in how they are weighted when judging employability, with direct implications for how business schools calibrate curriculum and placement preparation.