The vastly expanding knowledge base and the rapid technological advancements, undoubtedly, exert pressure on individuals to remain competitive by updating themselves constantly to be able to perform their roles and responsibilities effectively. This article discusses the concept of managerial obsolescence and emphasizes the significance of life-long learning. The paper attempts to understand the symptoms, causes and consequences of managerial obsolescence and provides a questionnaire (in two parts) to identify the extent of and the factors responsible for managerial obsolescence. This information could form the basis for taking remedial action at the individual as well as organization levels. Obsolescence can be tackled by a two-pronged approach wherein individuals take initiative for updating themselves which may help in their career advancement. Organisational interventions ensure that the investment on training leads to desired impacts. Keywords : Managerial obsolescence, Self initative, Investment on training