This is the third and final report resulting from a study of external degree programs and graduates conducted in 1976-77. The present study attempts to answer the basic concern that prompted the study: how useful and valuable are such degrees from the perspective of the graduates themselves? Survey responses from 1,486 program graduates were analyzed, and the results are presented in detail. Addressed are such matters as factors influencing the choice of program, students' initial goals and goal attainment, the negotiability of the external degree in the world of work, education after the external degree, the employer survey, and a comparison of the occupation- and education-related experiences of external and traditional degree graduates of Florida International University. (MSE)