This paper addresses the progress made by the Association for Computing Machinery (ACM) and the IEEE Computer Society (IEEE-CS) in developing a competency model and curricular guidelines for four-year degree programs in information technology. The authors are members of an international task group representative of academic institutions, industry, and professional organizations. The task group is to develop a competency model, called IT2017, for information technology education within two years based on earlier guidelines and other perspectives. This paper provides a brief background of the project, some activities undertaken, the progress made, and expectations for future developments. IT2017 seeks to produce a futuristic model of academic excellence so information technology graduates will be prepared for new technological challenges in a global economy.