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Currently, there is an increase in competency-based education programs in higher education institutions in response to student and employer needs. However, research is lacking on effective practices for developing competencies, assessments, and learning resources for these programs. The purpose of this qualitative Delphi study was to gather expert opinions about effective practices for developing competencies, assessments, and learning resources in competency-based programs in higher education. The conceptual framework was based on principles of andragogy, critical subjectivity, and social constructivism. Ten long-term specialists in developing competency-based programs in higher education served as participants. Data from 3 rounds of interviews were coded and categorized using Delphi methodology. Eighteen principles for effective practices were agreed upon for developing competencies, 15 principles for effective practice were agreed upon for developing assessments, and 16 principles for effective practice were agreed upon for identifying and leveraging learning resources. Areas of disagreement related to competencies, assessments, and learning resources were identified, with evidence that the variation in rankings presented by participants was due to the unique contexts of different higher education programs. The research from this study contributes to positive social change by providing an emerging list of effective practices useful in developing programs that help students graduate sooner with both a degree and skill set relevant to employers and to their future personal satisfaction.