The purpose of this research is to establish common ground on how faculty development should be instituted and the needs it should address on an international level, with its major focus being the development of competencies. A survey was developed and distributed to a sample of 764 university teaching professionals. Results show that 90% find that it is either important or very important to develop competencies in higher education, and that 73% find they are well or very well trained in developing and assessing competencies, particularly with regard to applying theoretical knowledge in practice, teamwork, and oral and written communication skills. The least valued competencies are found to be entrepreneurship and leadership. The most valued teaching methods are: project based learning, immersion in a professional environment, visits, field trips, and anything that closes the gap between the professional and academic worlds. University teaching staff consider the best assessment scenarios to be those that involve a certain amount of immersion in real situations, problem posing, and simulation; the optimum measurement instruments use observation techniques and rubrics. The need to create academic teaching communities is found to be of great importance. A common assessment method is also seen as a useful addition.