The present study aims to unravel the relationship between competency development, employability and career success. To do so, we tested a model wherein associations between employee participation in competency development initiatives, perceived support for competency development, self-perceived employability, and two indicators of subjective career success (i.e. career satisfaction and perceived marketability) have been specified. A survey was conducted among a sample of 561 employees of a large financial services organization. The results support the idea that employee participation in competency development initiatives as well as perceived support for competency development is positively associated with workers' perceptions of employability. Moreover, self-perceived employability appeared to be positively related with career satisfaction and perceived marketability. A full mediation effect was found for the relationship between participation in competency development initiatives and both career satisfaction and perceived marketability, while a partial mediation effect was found in case perceived support for competency development was the predictor variable. The implications of our findings for understanding the process through which individuals and organizations can affect subjective career success are discussed. ► We model the relationship between competency development and career success. ► Employee participation in competency development relates to career success. ► Perceived support for competency development relates to career success. ► Self-perceived employability mediates these relationships.