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Background Faculty is inseparable from the design and implementation of competency‐based programs. Yet prior research on competency‐based education (CBE) has mainly focused on program design and implementation, paying less attention to the faculty roles and perception of their involvement. Aims This paper explores faculty perceptions of their own roles relating to the design and the pilot semester implementation of a new competency‐based transdisciplinary program at a large Midwest research‐intensive university. Methods Using a phenomenological approach, we conducted semistructured interviews with faculty involved in the program design and implementation of the pilot semester in this program (n = 7) to gain an understanding of the varied demands and expectations, as well as their perceptions of such roles in the context of the program. Results Our findings showed a variety of faculty functions pertaining to their roles within our CBE environment. The faculty interviewed also tended to be actively engaged in terms of student onboarding, motivation, and encouragement, particularly earlier in the semester. Facilitation of students’ learning and competency attainment at the prescribed level of mastery led to the need for ongoing review and feedback of students’ work, and a higher workload than a traditional course. Yet, the faculty had positive responses to the program and their work, which in part may relate to their early buy‐in into the program as part of their collaboration on the program design. Implications, limitations, and future research are discussed.