> it's hard to change a test enough that it's hard to prepare for but not so much that scores can still be meaningfully compared year to year. even if kids go straight to college, there's a two year window where they could reasonably take the test and the test is offered several times per year. I don't see how they could accomplish this without severely increasing the cost of the test.

As an entrenched player, I'd love to know more about their operating costs. They have no need for marketing, have a constant demand and are essentially a monopoly (possibly part of duopoly) on the college standardized test market. If they had optimized supply chains and distribution (which I would expect to improve year over year) I would be curious as to where all the money is going.