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The roles and expectations of faculty in advising both graduate and undergraduate students are changing throughout much of higher education. These changes are occurring so quickly and so dramatically that both faculty and administration are redefining their approach to advising. This study sought to determine the components, roles, and perceived level of competence of university faculty in regards to student advising. Results of the study showed that the majority of faculty perceived advising to be a component of the teaching load. However, only a small number of faculty have received any type of training in academic advising. This lack of formal preparation in advising issues did not affect faculty’s perceived level of competence toward advising. Faculty placed the greatest importance on the traditional roles of meeting degree and program requirements, course scheduling, and career counseling. Faculty agreed that advising should be compensated in the promotion and tenure process, but were reluctant to base rewards on student evaluations of advising. Recommendations include to determine influences on faculty perceptions toward advising and to examine the most effective methods of providing faculty with professional development experiences in advising. Further study is needed to determine how faculty suggest advising be evaluated and rewarded.