The study set out to explore an array of key competencies required by psychologists, along with a method for assessing them. The respondents (n?=?353) were a representative sample of young Finnish psychologists with professional experience of between 1 and 6 years. They were requested to rate 52 statements of competence. A set of explorative factor analyses was conducted separately for four predetermined competence domains: client management, personal/professional identity and autonomy, consciousness of professional limits and professional development. In total, the analysis generated 11 competence dimensions. It was found that the extent of work experience was related to the ratings of these competence domains. For instance, newly qualified psychologists tended to rate their competences higher than those of psychologists with a few more years of professional experience.