We describe here the development and validation of the Academic Career Readiness Assessment (ACRA) rubric, an instrument that was designed to provide more equity in mentoring, transparency in hiring, and accountability in training of aspiring faculty in the biomedical life sciences. We report here the results of interviews with faculty at 20 U.S. institutions that resulted in the identification of 14 qualifications and levels of achievement required for obtaining a faculty position at three groups of institutions: research intensive (R), teaching only (T), and research and teaching focused (RT). T institutions hire candidates based on teaching experience and pedagogical practices and ability to serve diverse student populations. RT institutions hire faculty on both research- and teaching-related qualifications, as well as on the ability to support students in the laboratory. R institutions hire candidates mainly on their research achievements and potential. We discuss how these hiring practices may limit the diversification of the life science academic pathway.