The rapidly evolving business environment has significantly altered expectations from accounting graduates, placing greater emphasis on professional competencies rather than solely technical knowledge. In response, competency-based assessment (CBA) models have gained prominence in accounting education as an alternative to traditional content-driven evaluation systems. This paper examines the role of competency-based assessment models in accounting programs and explores how such models enhance students’ professional skills, ethical reasoning, and employability. Drawing on an extensive review of academic literature, professional accounting standards, and global education frameworks, the study analyzes key competency domains, assessment strategies, and implementation challenges. The paper proposes an integrated competency-based assessment framework tailored for accounting education that aligns learning outcomes, pedagogy, and evaluation methods. The study concludes that competency-based assessment models improve learning relevance, support lifelong professional development, and better align accounting education with industry and societal expectations