This conference report presents an executive summary of a 1976-77 study on external degree programs conducted by the Bureau of Social Science Research in cooperation with the American Council on Education, the keynote address, summaries of panel commentaries on research implications and policy implications, and a conference summary. The federally-funded study was designed to examine the extent to which external degrees are transferable to subsequent educational programs and are negotiable in the world of work. The study focuses on the benefits of the degree as a credential and does not examine curriculum issues or learning achievements. It is the first national survey of external degree programs and the experiences of their graduates. The executive summary, by Carol Sosdian and Laure Sharp, describes the study design. The study consisted of two large-scale surveys of institutions and of graduates. Two small-scale research efforts explored likely employers of external degree holders and the experiences of external degree holders as compared to traditional degree holders who attended the same institution. The keynote address by Naomi E. S. McIntosh entitled, "Development and Diversification in Post-School Education: A View From Across the Atlantic," considers the development and significance of external degree programs from an international context. Six commentaries on research implications and six commentaries on policy implications are included, and a conference summary by Francis U. Macy is provided. (SW)