The rapid and widespread adoption of competency-based education (CBE) has brought into sharp focus long-standing tensions built into education systems, particularly for graduate and professional schools. We all share the desire to produce graduates equipped to respond capably in a rapidly changing world. However, many of us struggle with the knowledge, skills, and attitudes required to identify, articulate, deliver, document, assess, assure, and adjust those necessary competencies across learning engagements, work-study experiences, and into work careers. CBE forces us to alter familiar pedagogical beliefs, attitudes, and behaviours. The purpose of this essay is to assist faculty, students, administrators, regulators, and employers in considering the strengths and limitations of competence-based education (CBE). We also introduce a range of mitigating strategies to address CBE shortcomings.