The current study examined the role of AP® Exam participation and performance on four-year college graduation in four years. Because students who take AP Exams can earn college credit while still in high school, it was expected that AP students would have higher four-year graduation rates. Moreover, it was expected that AP students who earned higher exam scores would also have a higher likelihood of graduating within four years compared to AP students who do not perform well on the exam because academic performance across a variety of measures has been positively linked to graduation. Two national samples were used to test these research questions, and the results confirmed a positive relationship between both AP Exam participation and performance with graduation within four years. This relationship was evident even after controlling for relevant institutional- and/or student-level factors. The academic and financial benefits of the AP Program are discussed. The following is appended: Table A1--HGLM Equations for the AP Exam Participation and Performance Models Examined.