Colleges and universities exist within a political arena where external demands for accountability materialize within a market-driven environment. As a result, government agencies pressure colleges and universities to rely on assessment and transparent reporting to become more market-driven assuming that the competition within the market, led by public choice and institutional selection, will drive improvements in learning and will also self-govern the institutions. This article explores how Foucault informs our conception of neoliberal governmentality through political rationality and technologies of self-governance in order to inform our understanding of accountability in higher education and to challenge institutions to develop a counter dialogue which meets institutional obligations to the public and market.