This paper aims to develop a valid method to assess the key competencies of the exercise physiology profession acquired through work-integrated learning (WIL). In order to develop a competency-based assessment, the key professional tasks needed to be identified and the test designed so students' competency in different tasks and settings could be assessed. The objective structured clinical examination (OSCE) was adopted for this purpose. Key competencies for practice were identified by clinical academics, practicing accredited exercise physiologists (AEPs), and by a review of the exercise physiology scope of practice document. Final year exercise physiology students who had completed professional placements participated in three pilot OSCEs. Content validity was evaluated following feedback from students and staff, and test results were analyzed to confirm reliability. Key competencies were grouped within the domains of communication, clinical and procedural skills, and technical proficiency. The results indicate that the OSCE is a valid and reliable method of assessment of the key professional competencies of exercise physiology students acquired through WIL.