The University of Texas (UT) at Austin's credit by examination program is described. In 1985-86, credit by examination was offered in 55 subjects. Details were provided for each of 18 subject areas in which over 20 tests were administered: Biology; Chemistry; Chinese; Computer Science; Economics; Electrical Engineering; English; French; German; Government; History; Latin; Mathematics; Physics; Psychology; Russian; Sociology; and Spanish. Results were also tabulated for the 37 subjects in which less than 20 tests were taken. Five categories of tests were administered: (1) UT Austin institutional administrations; (2) UT Austin departmental administrations; (3) national administrations of College Level Examination Program Subject Examinations; (4) College Board Achievement Tests; and (5) College Board Advanced Placement Examinations. Of 11,381 students who took 25,650 tests, one-third earned no credits; others earned from 1 to 76 semester hours of credit eligibility. The impact of credit by examination on the UT schools and colleges that participated in the program, and comparison of the 1985-86 test results with those of preceding years are briefly discussed. (MGD)