Faculty's attitudes toward and expertise in what constitutes valid assessment design has produced sizable discord in higher education. Traditionally, assessment activities within higher education have been implemented as additions to the curriculum, designed for purposes of program evaluation rather than being integral to student mastery. In this paper, we briefly explore the history of objective assessment in higher education, studying its historical antecedents, and use this information to define next steps toward building a standards‐based community of practice. We operationally define competency‐based education, paying particular attention to the term “competence” and what it means in the context of maintaining standards for assessment validity. We then offer 12 steps for building a best‐in‐class objective assessment program. We conclude with case study metrics from Western Governors University's assessment portfolio, which describes four key assessment performance indicators and documents our commitment to continuous quality improvement through a quarterly assessment review process.