This case study examines the implementation of competency-based learning (CBL) and assessment as a measure of student professional development. Students enrolled in an industrial technology undergraduate course at a Midwestern university participated in this study. Based on the degree program outcomes, the “top five” course competencies were identified, and their key action items were assessed using an industry-based, 360-degree assessment process. Significant differences in the average initial and final assessed values were used to determine professional development gains. Findings showed that self-assessed professional gains were achieved, self-assessed results were higher than peer results, and overall peer assessments indicated aggregate gains in professional development. This case study provides a foundational framework for further research studies in competency-based learning and assessment.