The purpose of the study is to explore the relationship between Locus of Control and Personal Effectiveness of Management Graduates. The present study was done on a sample of 106 management students belonging to different management Institutes. Variables in the study were assessed using two validated Instruments. Descriptive statistics, Pearson Product Moment Correlation and Linear regression analysis was used to analyze the data. It was found that Internal Locus of Control was positively related to Personal Effectiveness and Personal Effectiveness is dependent upon Self-Disclosure, Openness to Feedback and Perceptiven, By understanding the relationship between these variables, the Management Institutes can help B-schools in competency mapping of students which can bridge the gap between the personal and professional aspects. Key words: Research Paper, Locus of control, Personal Effectiveness, Self-Disclosure, Openness to Feedback, Perceptiveness, Management Students.