Student perspectives on learning was investigated at Alverno College. Attention was directed to how students understand and justify learning outcomes, and how they understand liberal learning as relevant to performance in personal and professional roles. The competency-based curriculum at Alverno College defines competencies as developmental, generic, and holistic. Interviews with 13 traditional-age students at the end of their junior year were supported by 100 interviews with 37 women students interviewed at the end of each college year. Two patterns consistent with curricular emphasis and student orientation appeared: students expressed a career-centered rationale for college education and they emphasized the value of learning how to perform. This link between learning and performing allows for the transfer of learning to multiple situations and contexts, and establishes students' confidence in their abilities to perform after college. Information is provided on student constructions of competence; understanding competence as categories, skills, and processes; understanding competence as theory of action; and understanding competences as theory for performing in relation to context. Interview questions are appended. (SW)