This study sought to investigate the educational outcomes of the College-Level Examination Program® (CLEP®) for students who earned credit through CLEP compared to those students who earned comparable credit through the Advanced Placement Program® (AP®) and through traditional course enrollment. In order to evaluate the short- and long-term outcomes of CLEP for students who earn credit through the program, outcome measures on three entering classes of students who earned CLEP credit for nine different CLEP examinations were compared to those of closely matched students who earned credit through course enrollment. CLEP students were also compared to students who earned credit through AP in six of the nine subject areas examined. Results indicated that CLEP students did as well as, or better than, those in the comparison groups in nearly every case. High School Rank and SAT® Scores for All Groups is appended.