Introduction: Competency-based medical education (CBME) was introduced by the National Medical Commission in 2019. The system tries to incorporate the Attitude, Ethics, and Communication (AETCOM) module for the enhancement of empathy, cognition, and soft skill development in undergraduates (UGs). Longitudinal and comparative studies in this area show mixed findings regarding response to CBME. Therefore, this study aims to compare empathy in UGs before and after the introduction of a new curriculum and assess the predictors for the same. Methods: The empathy was assessed and compared cross-sectionally among 700 UGs, belonging to both old and new curricula, with the Toronto empathy questionnaire (TEQ). Results: A course of fluctuating levels was observed in empathy for UGs with advancement of MBBS years followed by a dip in the end. Females (47.52 ± 6.00) had more empathy scores than males (42.97 ± 7.55) with significance (p < 0.05). There was no comparable rise in empathy scores with the introduction of a new curriculum. Gender proved significant in predicting empathy with multiple linear regression (p < 0.05) in both CBME and non-CBME students. Conclusion: The nurture of empathy starts during early medical education. The students had a decrease in empathy scores at the end of medical training, with females having higher empathy levels. The new curriculum tries to inculcate empathic communication for better care but needs further evaluation on causal factors and data on longitudinal trends.