In this paper, we present a methodology for Final Year Project (FYP) monitoring and assessment that considers the inclusion of the professional skills required in the particular engineering degree. This proper monitoring and clear evaluation framework provides the student with valuable support for the project implementation as well as for improving the quality of the projects, thereby reducing the academic drop-out rate. The proposed methodology has been implemented at the Barcelona School of Informatics at the Universitat Politècnica de Catalunya - BarcelonaTech. The FYP is structured around three milestones: project definition, project monitoring and project completion.Skills are assigned to each milestone according to the tasks required in that phase, and a list of indicators is defined for each phase. The evaluation criteria for each indicator at each phase are specified in a rubric, and are made public both to students and teachers. Thus, the FYP includes an exhaustive evaluation method distributed throughout the whole project implementation, thereby facilitating project organization for the student as well as providing a clear and homogeneous assessment framework. The methodology for the FYP organization, assessment and evaluation was launched and piloted over two semesters. We believe the experience to be general in the sense that it has been conducted as part of an ICT engineering degree, but may easily be extended to any other engineering degree.