USABO finalists are selected in two rounds of tests. The open exam is a short and challenging, multiple-choice exam open to all high school students which was administered in the first week of February. The top 500 or 10% of the competitors advance to the semi-final round, which will be administered in March. This second exam consists of two multiple-choice sections and one free response. The twenty highest scorers move on to the USABO Finals. After the ten-day training period, the Finalists undergo a day of practical examinations and a day of theoretical testing similar, in some respects, to the semifinal examination; however, the finals exam is far more comprehensive. The top 12 scorers on the Study Camp exam earn medals. The scorers that are ranked 1st - 4th receive gold medals. The scorers that are ranked 5th - 8th receive silver medals. The scorers that are ranked 9th - 12th receive bronze medals. The scorers that are ranked 13th - 20th do not receive any medal at all.