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@ttwtt
Yes--though differing levels of 'prestige' can be assigned to the accreditation via a system such as I previously discussed. Currently, this occurs in the University system as a degree from Harvard is 'weighted' more heavily than a degree from a state sponsored public school, for instance.
This discussion seems to be going around in circles. If it is still up to any college to decide what test results that they will (or will not) honor (acknowledge or accept?) to count towards their degree then the voluntary test (instead of taking the class) system is fairly useless.