This study aims to evaluate the effectiveness of a competency-based learning (CBL) approach to an e-learning course on systems analysis and design (SAD). The competency of 18 students who registered for an SAD course was measured at different 3 times during the semester with the use of a competency diary. The changes in the competency scores through the semester were analyzed by a Friedman test, and the factors affecting learning effectiveness were identified by multiple regression. The competency scores increased as the semester progressed. The factors that had a significant effect on learning effectiveness were course management and learning materials. The authors found that the CBL approach worked well for this particular e-learning course on SAD and that nontechnical aspects of the instruction, such as course management and lecture materials, were more important than the technical aspects even in this Internet environment.