Competency-based education focuses on demonstrating mastery of skills rather than time spent in class. It allows students to progress at their own pace by allowing credit for competencies achieved. Key aspects include variable time and location of learning, ensuring all concepts are mastered, and evaluating outcomes rather than process. Challenges include technological issues, policy/funding concerns, and ensuring quality. Literature reviews competency models for professional psychology training and core competencies in relationships, assessment, intervention and other areas.