The purpose of this article is to define and explain a trend that has caused a great deal of confusion among HR researchers, practitioners, and consumers of HR‐related services: competency modeling. The Job Analysis and Competency Modeling Task Force, a work group jointly sponsored by the Professional Practice Committee and the Scientific Affairs Committee of the Society For Industrial and Organizational Psychology, has recently concluded a 2‐year investigation into the antecedents of competency modeling and an examination of the current range of practice. Competency modeling is compared and contrasted to job analysis using a conceptual framework (reflected in a 10‐dimension Level of Rigor Scale) that practitioners and researchers may use to guide future work efforts, and which could be used as a basis for developing standards for practice. The strengths and weaknesses of both competency modeling and job analysis are identified and, where appropriate, recommendations are made for leveraging strengths in one camp to shore‐up weaknesses in the other.