Here is the email I received from Excelsior:

Dear Larry,

For the General Business degree, you need 12 credits in advanced level business electives. The Industrial Psychology exam would apply towards this requirement. For the Management of Human Resources degree, you need 12 credits in advanced level business electives with 9 of the credits in the concentration area. The Industrial Psychology exam would apply towards that requirement. I hope this helps.

This should give everyone another option for upper-level credit. The cost is high, but the exam seems doable. It is 100 multiple choice test and you need to get 60 correct to pass.