In recent years, researchers have highlighted the importance of students' set of soft skills. However, although deemed important, the integration of those skills into educational systems' policy remains ancillary in higher education. This is mainly due to the scant use of competency-based learning activities and the widely used instructional practices of back-to-basics across many higher education systems. This study set out to examine how undergraduate students perceive the extent to which competency-based learning accompanied by formative assessment feedback techniques are employed by their faculty, and the effect these methods have on their soft skills acquisition. Data were gathered from 303 Israeli undergraduate students of education, health management, and social work study tracks, and analyzed by using Partial Least Squares -- Structural Equation Modeling (PLS-SEM). According to the empirical model, competency-based learning was found to be positively connected to personal, social, and methodological soft skills. Another finding showed that formative assessment feedback was highly and positively connected to competency-based learning, whereas merely low results were indicated between this factor and soft skills. These findings suggest that soft skills can be enhanced by constructivist learning activities that take place in meaningful and relevant vocational situations, accompanied by detailed feedback, based on specific assessment criteria, provided in a timely manner, constructive, and aimed at reinforcing students' learning towards soft skill acquisition.