This study was conducted to provide implications for the development of liberal arts education by investigating the perceptions of students and professors in regards to the core competencies that should be developed at the university level. The data were collected from a survey of 1,328 students and 138 professors from 13 four-year universities. Borich's needs assessment model and the locus for focus model analyses were employed. First, it was found that students prioritize communication skills, critical thinking skills, problem-solving skills, interpersonal collaboration skills, flexibility, and adaptability as the most important competencies to develop as a university student. Second, students' perceptions of the importance of competencies differ according to the location of the university they attend and by student major. Third, students considered communication skills the most important competency to be developed, while professors perceived the cultivation of creative thinking skills the most significant. Based on these results, it is argued that students value competencies that can be used immediately after graduation, while professors place an emphasis on competencies that may be of great help in the long run. Finally, the study provides policy implications on the future direction of liberal arts education in terms of competency development.