In recent years, many Iranian knowledge-based companies have failed to achieve their pre-determined goals. One of the critical obstacles impeding these companies is their managerial deficiency. Despite the crucial role of senior managers in the company’, s growth, no scientific and methodological models have been introduced for management development in knowledge-based enterprises. This study developed a model for devising a strategy for nurturing senior managers in knowledge-based companies using a combined function-competency approach. To this end, managerial functions, managerial competencies, and the way to enhance each competency have been identified by obtaining the opinions of experts associated with the knowledge-based realm. Then the opinions are mixed through the Copeland method. The results reveal that the managers of knowledge-based companies have to conduct six main functions, including planning and organizing, teams building and empowering them, leading personnel virtually, motivating staff, evaluating technological trends and communicating with the outside of the organization, monitoring and controlling staffs’,performance. The proposed model introduced five essential competencies for each function to be conducted properly and specified two ways for enhancing each competency.