Library roles centering around collection management (CM) and its related variations have become especially prominent over the past few years. Positions labeled as collection management, collection assessment, and collection strategist are just a few examples of titles that are an increasingly more common submission to library employment websites and listservs. These roles often require experience in a matrix of technical services, electronic resources, and even leadership duties that are both distinct and complex. This paper examines the necessity for and desired depth of expertise for CM positions in academic libraries and its need to be recognized as a distinct position with suggested core competencies. Though CM work and responsibilities may vary greatly between institutions, there are common competencies that must be met to ensure efficacy. Proficiency in these roles is integral to the success of the larger library and its function, and therefore should be further explored. This paper aims to create a case for the professionalization of CM positions through an analysis of past and present literature and select job postings, and outlines a list of core competencies that may be considered for drafting new positions descriptions, and consulted to inform continuing professional development and education for those doing this important work. The intended audience for these competencies includes students, new practitioners, and managers and administrators who engage in CM responsibilities.