This study evaluates the effects of the Advanced Placement (AP) Program in the lives of students and investigates the validity of the Advanced Placement Examinations at participating colleges and universities. Nine of the colleges and universities that received the most AP candidates in 1982 were selected for the study. The transcripts of a large number of students were retrieved, and 278 students were interviewed. Based on the data from the institutions and also on the basis of information provided by the students, it is concluded that: (1) Overall, AP candidates who are placed ahead in the field of their "qualifying" AP Examinations do better than a generality of local upperclassmen in those courses. The placement and credit policy suggested to colleges by the Advanced Placement Program seems justified and appropriate for the colleges in this study; (2) AP candidates react very positively to the AP experience; (3) The difficulties encountered in collecting the necessary data to compare the achievement of AP students and upperclassmen have prompted a number of suggestions that colleges may wish to consider; and (4) Comments by AP students have generated a set of recommendations for colleges to foster a smooth transition for future AP candidates. The need for an official AP coordinator in colleges to serve both students enrolling with AP experience and the faculty is emphasized. (JAZ)