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This paper discusses the efficacy of a model of benchmarking toward best practices in learning assessment in higher education. It outlines the need for best practices in learning assessment and reports findings on a comprehensive model of assessing learning outcomes of an undergraduate business program. By developing competency expectations of students, the model led to a multi‐method data collection/analysis toward benchmarking learning outcomes. The findings demonstrate how benchmarking leads to continuous curriculum improvement of instructional process and the curriculum. The authors claimed that in the absence of a generally accepted model, if the methodology is replicated, it may lead to the best practices in assessing learning outcomes of an undergraduate business program.