This paper aims to contribute to the discussion on the quality and accessibility of underpinning knowledge in competency-based training. It uses the Vocational Graduate Certificate and the Vocational Graduate Diploma in Education Design in a Queensland TAFE institute to examine how the 'traditional' knowledge and theory associated with higher-level qualifications can be accommodated within the framework of competency-based training and assessment. The paper raises some interesting, and provocative, questions about the status and value of these qualifications by comparison with their university counterparts.