In July 2021, the chairs of the American Association of Colleges of Pharmacy (AACP) Council of Deans (COD), Council of Faculties (COF), and Council of Sections (COS) developed a task force around potential ways to improve pharmacy education. The Competency-Based Education (CBE) Joint Task Force was created with the main goals to explore the advantages and disadvantages of advancing a competency-based approach to pharmacy education and to determine ways to create more flexibility within pharmacy curricula to enable competency-based education. The Task Force systematically reviewed available resources and created this white paper outlining the advantages and disadvantages of CBE, best practices for implementation, strategies to minimize barriers, and recommendations on whether CBE should be implemented in pharmacy education.