This study investigated similarities and differences in faculty's interpretation of authentic learning and how their interpretations were manifested into their design and implementation practices in competency-based, fully online courses. From a theoretical perspective, designing for authentic learning calls for a holistic approach, which considers various aspects, such as real-world relevance, personal meaningfulness, authentic assessment, disciplinary authenticity, and teacher authenticity. In terms of similarities across participants in this study, most faculty interpreted authentic learning as including "real-world" characteristics -- that is, authentic learning is a type of learning that is situated in real-world contexts and is relevant to learners' future careers. In terms of differences, only a few participants emphasized that authentic learning requires removing the dichotomy of a hierarchical classroom environment based on the principles of co-learning. The findings of this study also highlighted examples of authentic learning and challenges associated with implementing authentic learning in competency-based online courses. The study further provides implications for future research and practice.