The grading policy at South Oklahoma City Junior College (SOCJC) allows a student to master a course by doing a specified amount of work to a pre-determined standard (80% mastery). When this is accomplished, the student receives an "M" indicating mastery; otherwise, nothing appears on the official record. No A, B, C, grades are awarded. This document compiles six studies dealing with the perceptions of the "M" grade by different SOCJC constituencies. The first survey examined employers of the college's students. Employers preferred a traditional transcript though about two-thirds would accept a list of student competencies. Next studied were other institutions of higher education, which also preferred transcripts allowing student comparisons; however, no SOCJC students had been denied entrance to these transfer schools. A third study of financial aid offices examined effects on both student aid at transfer institutions as well as on SOCJC's ability to obtain student aid funds. It appeared students may have had trouble getting scholarships, though the college itself had no problem getting funds. A need was seen for added information and explanation about the system in the next survey of high school counselors. The fifth survey concerned student attitudes. About 40-45% saw the "M" as an advantage, while 23-30% saw it as a disadvantage. The final report studied faculty and staff perceptions. The majority felt the system was an advantage to students but the problems in transferring and the fact that there is no reward for excellence were disadvantages. (MB)