The Advanced Placement Program® (AP®) was created to provide access to rigorous, college-level curricula to motivated and prepared high school students. This study evaluated whether the AP Exam scores from the summative exams associated with 10 courses were valid for the placement of students into higher-level college courses in the subject area of the exam. The specific AP Exams examined were: Calculus AB, Calculus BC, Biology, Chemistry, Physics C: Mechanics, Microeconomics, Macroeconomics, Psychology, U.S. Government and Politics, and U.S. History. We based this study on a sample of 53 four-year institutions with publicly available AP Exam credit and placement policies that had a total of 95,518 first-time, first-year students entering college in fall 2006. Using a multilevel propensity score-matching approach, we constructed groups of AP and non-AP students who were comparable on a number of key characteristics, including gender, racial/ethnic identity, anticipated college major, high school grade point average, PSAT/NMSQT® section scores, and mean AP course enrollment at students' high schools. The results showed that after matching AP and non-AP students on those important covariates, the AP students performed as well as or better than comparable non-AP students in terms of subsequent college course grades. Tables presenting "Propensity Score Models" are appended.