You can earn credit, but not directly from the placement exam - there are some steps you need to take after determining your placement. There are some informative links at http://www.indiana.edu/~bulletin/iub...egree.html#for
. I do know that the results from all of the tests that you take (AP, SATII, placement) are evaluated, and credit and exemptions are noted eventually on your transfer credit report and transcript in OneStart. You should also be able to get the full details of what they mean when you go to orientation.