The purpose of this document is to describe an elementary teacher preparation program at Oregon College of Education as an example of an ongoing, reasonably mature, competency-based teacher education program. Six major aspects of the program are discussed in detail. First, the background of the program is described, giving the history of the program and defining its parameters. Following this there is a section describing the professional components of the program, its structure and content, and aspects of the program as it involves teachers and students. The third section of the monograph discusses the development of the program from an administrator's perspective, outlining strategies and procedures used in developing the program. The fourth major section describes the program as a context for research and outlines the research efforts being implemented. Part five deals with the matter of costs and benefits associated with both the development and operation of this program. Tables are included to illustrate costs over a three-year period and projection of short- and long-term benefits. The final section analyzes the program to date and offers projections for further implementation. Appendices offer detailed tables on program costs. (JD)