Credit earned by examination at the University of Texas (Austin) is equivalent to credit earned by taking the course, except that it will not count as credit earned in residence. This report covers the 1987-88 testing year, during which eight colleges or schools of the university participated in the credit-by-examination program. The examinations covered 49 subject areas in 159 courses taught in 35 departments/divisions of the university. Because many students took more than one test, the total number of tests exceeds the actual number of persons attempting to earn credit by examination. Evaluations of 26,190 test scores are recorded. There were 11,079 participants in 1987-88. Of these, 7,508 were successful in earning credit for at least one course, with 13,342 qualifying test scores generating a total of 69,762 semester hours of credit eligibility. Examination requirements and results are summarized for courses in: (1) biology; (2) chemistry; (3) Chinese; (4) computer sciences; (5) data processing and analysis; (6) economics; (7) electrical engineering; (8) English; (9) French; (10) German; (11) government; (12) history; (13) Latin; (14) mathematics; (15) physics; (16) psychology; (17) Russian; (18) sociology; and (19) Spanish. Students attempted to earn credit by examination in English, Spanish, and mathematics more often than in other subjects. Eighty-one tables of program results and four graphs illustrating categories of tests are provided. (SLD)