In March 2013, the US Department of Education issued guidance to institutions on how to attain approval for competency-based programs under the current title IV, Higher Education Act (HEA) regulations on direct assessment programs. This article considers the graduate enrollment futures of colleges and universities that have chosen and will elect to adopt and deliver competency-based programs, and the potential role that strategic enrollment management (SEM) will play in advancing program enrollment and enhancing learner success. This SEM exploration originates at the founding institution, and subsequently emerges in the “academic context” before coming to rest at a liminal zone in the competency-based learning frontier. Between the borders of student and academic SEM orientations, competency-based learning figures and grounds the development of a learner-centered SEM orientation and approach that is aligned with extant initiatives to advance graduate enrollments.