In human resource research, we usually analyze the return of education with the hypothesis: education is a proxy of ability. In this paper, we analyze the return to various dimensions of skill, including formal education with alternative measure based on the observed skill characteristics of the job from 2000 to 2012 in the Korean labor market. By means of common factor analysis using job information in the Korean Dictionary of Occupational Titles, we extracted 3 measures of job-based skills: cognitive skill, physical skill and sensory skill. We found that the return to cognitive skill had been consistent with 40∼45% for 13 years whereas return to sensory skill and physical skill had been decreased with controlling extra-education and extra-experience. Also after controlling skills factors, the return to schooling falls from 10% to 6%. This finding emphasizes the importance of various skills formation mechanism such as vocational training and informal learning in career path, in addition to schooling.