The present study tried to identify aspects of public institutions dynamics that can influence the development of desirable managerial competences for the new organizational context. The focus of this research is a case study in the Fiscalization Directorate of the Central Bank of Brazil (BCB/DIFIS) that has been working in a program of development of managerial competences by means of training people of the tactical level. As a case study, limitation exists to using the conclusions for another public organizations; however, it allows a critical glance on the process, arousing questions to be examined in similar initiatives and instigating future interventions. Initially bibliography was reviewed concerning the following concepts: competence, knowledge, learning and development of competences. It was also tried to understand the present factors in the new way of people s administration, mainly in the Brazilian public sector, identifying the desired managerial competences, and describing the recent changes in the National Financial System and in BCB. By means of semi-structured interviews, it was tried to identify participants perception about training and the managerial competences that would be fit for their performance. At the same time it was examined the Permanent Plan of Training of the Fiscalization Area, based in documental analysis. As positive factors for the development of competences, such points were identified: good work atmosphere, the employees professional background and self-motivation. As negative: inappropriate salary structure, budgetary restriction, bureaucracy, lack of involvement of management in the project, discontinuity of the training and the way it was implemented.