The purpose of this study is to examine core competencies in higher education based on competency modeling, and to analyze undergraduate students' educational needs, comparing competencies they think important with competencies they actually practice. The research questions are as follows; 1. What are core competencies drawn from competency modeling? 2. What is the validation result of the competency modeling-based assessment instrument which explores how measured variables(the behavioral indices) relate to latent variables(the core competencies)? 3. What are the educational needs in core competencies? Do different grades or college majors show significant differences in perception and practice of the core competencies? The major findings are as follows; First, 9 core competencies and 49 behavioral indices were drawn from the results of FGI(Focus Group Interview) analysis, surveys and member checking, conducted with 16 sampled students with good grades. Second, from the core competencies and behavioral indices above, 7 core competencies and 28 behavioral indices were found through the exploratory factor analysis of a survey conducted among 665 students in a sampled university. Third, the students perceived creativity competency to be the most needed, then comes specialized knowledge, occupational/job-based knowledge, self-leading, problem solving/thinking, global mind, communication/relationship in order. According to the ANOVA test of the students' educational needs, different college groups(majors) showed no significant difference. In terms of grade groups, however, statistically significant differences were found in problem solving/thinking skills, global mind competencies.