The College-Level Examination Program® (CLEP®) is a computer-based prior-learning assessment that allows examinees the opportunity to demonstrate mastery of knowledge and skills necessary to earn postsecondary course credit in higher education. Currently, there are 33 exams in five subject areas: composition and literature, world languages, history and social sciences, science and mathematics, and business. This study presents the investigation of academic performance in sequent or subsequent college courses of students who were awarded postsecondary course credit via CLEP exam scores, as compared to classmates without CLEP exam credit who took the equivalent introductory course at the institution. If students were awarded credit at an appropriate score point (as opposed to the requirement being too lenient with a cut score that is set too low), then it is reasonable to assume that their performance in the sequent or subsequent course would be the same as the performance of students without credit who took the introductory, CLEP-equivalent course at the institution. The purpose of this study is to address CLEP-policy related questions that institutions of higher education may have and to present the first placement validity study conducted at a national level. Specifically, this study addresses the following question: How do CLEP credit-holding students perform in sequent or subsequent courses compared to students without CLEP credit who took the corresponding introductory course at the institution? This report details the CLEP exam titles and subsequent courses studied, analysis methods and results, as well as data considerations to note. Although individual institutions included in this study are not identified, descriptive information is provided. The following tables are appended: (1) Analyzing and Interpreting Literature; (2) College Compositions; (3) College Algebra; (4) Precalculus; (5) Calculus; and (6) Spanish.