Competency-based education (CBE) is the hot new thing in higher education. While forms of CBE have been around since the 1970s, there has been a surge of interest in CBE, with more than 600 postsecondary institutions now reporting that they are either offering competency-based degree programs or are planning to do so. Similarly, institutional interest in prior learning assessment (PLA) has also been growing, with both CBE and PLA seen as important strategies for supporting degree completion, particularly for the nontraditional (e.g., adult, independent, working) learner. CBE and PLA intersect in many ways, leading some in higher education and policy circles to ask, "What is the difference between CBE and PLA?" or "What is the relationship between PLA and CBE?" This paper answers these questions and shows how both are ideal companion tools that help postsecondary programs focus on student learning while being highly flexible and student centered.