During the 1992-93 academic year, a study was conducted by the American Association of State Colleges and Universities to determine the proportion of students who transfer from two- to four-year colleges after earning an associate's degree, following the traditional "two-plus-two" sequence. A random sample of 50 four-year colleges and universities from 13 states were asked to analyze the transcripts of those students who transferred from community colleges in fall 1991. Study findings, based on information on 15,278 community college transfer students provided by 30 institutions, included the following: (1) 75% of the students remained at a community college long enough to earn at least 49 semester hours, the equivalent of 1.5 years of full-time study, and 57% earned at least 61 semester hours; (2) only 37% earned the associate degree before transferring, indicating that many of the students who earned 60 or more semester hours did not complete degree requirements; (3) students transferring to doctoral institutions were less likely to have earned associate's degree (28%) than students transferring to colleges not classified as doctoral institutions (43%); (4) students lost relatively few credits upon transferring to the baccalaureate-granting institutions; (5) the median number of credits earned was 63, and the median number of credits accepted for transfer by the baccalaureate-granting institutions was 60; and (6) evidence suggests that students who transfer successfully to baccalaureate-granting institutions have relatively high levels of academic ability and are as competent as students who begin their post-secondary careers at four-year institutions. (MAB)