The Advanced Placement® (AP®) Program offers high school students the opportunity to take rigorous coursework in high school and receive college credit for AP Exam scores that meet or exceed the requirements of their attending institution. Students receiving AP credit are typically exempted from an introductory level course or series of courses and are typically able to take more advanced courses in the same subject area. In this study, we compare the subsequent course performance of AP Exam takers who placed out of an introductory college course to students who did not take the AP Exam and completed the introductory course at their respective institutions. Results indicate that AP Exam takers, on average, earn the same or statistically significant higher grades in subsequent courses within the same subject area than do students completing the equivalent introductory coursework at their institution. Results provide evidence that AP Exam scores are valid indicators for course credit and placement decisions. The AP Exams covered in this report are: (1) AP Computer Science A; (2) AP Macroeconomics; (3) AP Microeconomics; (4) AP English Language and Composition; (5) AP English Literature and Composition; (6) AP Environmental Science; (7) AP United States Government and Politics; (8) AP Comparative Government and Politics; (9) AP Human Geography; (10) AP Music Theory; (11) AP Physics C: Mechanics; (12) AP Physics C: Electricity and Magnetism; (13) AP Psychology; and (14) AP Statistics.