Sec. 1. A student shall receive credits toward graduation or an Indiana diploma with a Core 40 with academic honors designation by demonstrating the student's proficiency in a course or subject area required for graduation or the Indiana diploma with a Core 40 with academic honors designation, whether or not the student has completed course work in the subject area, by any one (1) or more of the following methods:
(1) Receiving a score that demonstrates proficiency on a standardized assessment of academic or subject area competence that is accepted by accredited postsecondary educational institutions.
(2) Successfully completing a similar course at an eligible institution under the postsecondary enrollment program under IC 21-43-4.
(3) Receiving a score of three (3), four (4), or five (5) on an advanced placement examination for a course or subject area.
(4) Receiving a score of E(e) or higher on a Cambridge International Advanced A or AS level examination for a course or subject area.
(5) Receiving a score of four (4) or higher on an International Baccalaureate examination for a course or subject area.
(6) Other methods approved by the state board.