Since December, 1975, the California State Department of Education has administered the California High School Proficiency Examination (CHSPE) five times. Students who pass the exam may leave school as early as two years before they would otherwise be permitted to. This study focused on four specific areas: (1) an overview to provide the legislative and implementation background and to expore the climate which led to the concept of an "early-out" exam; (2) questionnaires, given to a sample of the December, 1975, examinees concerning: who would take the exam, why, and what qualities and experiences would they have; (3) questionnaires mailed to all high schools in the state to explore the school response to the CHSPE program and to those students who take the exam; and (4) a structured interview administered to a sample of district superintendents and school principals. Results indicate that the CHSPE program has worked well for a few individuals, saved the state nearly 5 million dollars in the first year of its operation, and had a negligible impact on the schools. As long as the severe financial disincentive to the schools persists, these program outcomes will likely remain unaltered. The most effective way to increase participation would be to increase publicity about the CHSPE. (Author/CTM)