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The purpose of this study is to explore the entrepreneurial professional competences and research skills acquired by a group of graduates and graduate students of the management Masters program at Guanajuato University, in response to Mexico’s labor market needs. This paper presents the curricular evolution of this Masters program, using an importance-performance analysis (IPA). The responses to our survey show the differences between two versions of the program, by means of a paired-sample t test that was analyzed through IPA. Additional elements of the Masters program were evaluated, looking at literacy, numeracy, technological problem solving, and research skills in both versions of the program. The research analysis showed a difference in curricular preferences between students from each version. The results of this study suggest academic and practical implications, as shown by the IPA quadrants.