This document discusses competency-based assessment, which focuses on students demonstrating mastery of specific skills and concepts, rather than time spent in class. It is a good fit for challenge-based learning, which aims to develop five core competencies. In this model, assessment should be formative and frequent, with clear expectations and feedback. Employer partners can also provide authentic feedback on competencies relevant to future careers. The document recommends several resources to learn more about competency-based assessment and tools to assess readiness for this approach.