The authors describe the development and implementation of the third edition of the Psychiatric Knowledge and Skills Self-Assessment Program (PKSAP-III). An assessment of the performance of 4,137 participants in PKSAP-III according to their primary professional activity, time spent in continuing medical education (CME), Board certification, and geographical area reveal that participation in CME had a positive effect on test performance. The authors conclude that the PKSAP is most valuable as a diagnostic tool for the individual practitioner and as a resources tool to assist in structuring a curriculum for small group discussions.