competency

noun

1. Physical, mental, financial, or legal power to perform: ability, capability, capacity, competence, faculty, might. See ability/inability.
2. Conferred power: authority, faculty, mandate, right. Law competence. See ability/inability.

The noun has one meaning:

Meaning #1: the quality of being adequately or well qualified physically and intellectually
  Synonym: competence

Quotes:

"No letters after your name are ever going to be a total guarantee of competence any more than they are a guarantee against fraud. Improving competence involves continuing professional development ... That is the really crucial thing, not just passing an examination." - Colette Bowe

"People differ not only in their ability to do but also in their 'will to do'." - Paul Hersey

"Being competent means the ability to control and operate the things in the environment and the environment itself." - L. Ron Hubbard

"The differences between a competent person and an incompetent person are demonstrated in his environment (surroundings)." - L. Ron Hubbard

"Competence, like truth, beauty and contact lenses, is in the eye of the beholder." - Raymond Hull