The California High School Proficiency Exam (CHSPE) allows a 16-or-17 year old who passes it to leave school as early as age 16, with parental permission, earning the legal equivalent of a diploma. The exam focuses on basic reading and computing skills. In this study, a variety of findings are reported. School districts have a budgetary disincentive to be receptive to the CHSPE, because every student who exits early results in revenue losses to the district. A long-range budgetary effect of the CHSPE is to shorten the period of total schooling time and result in potential net savings to the state. Choices outside the high school may be limited for CHSPE certificate-holders. Those who pass the exam and stay in school can take more pleasurable courses, yet not worry about making up or taking more required courses. The survey that is included here was used to obtain a profile of the students who do take the exam. (Author/BW)