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I never took the test, partly due to cost and partly due to being burnt out with all of my regular studies at the time.
In my state, even after you pass the test, there is a requirement to work for a number of years under another P.E. before you can become a fully fledged Professional Engineer. In my case, I would have been screwed because:
1. I didn't find gainful employment as an engineer for 4 years after graduation
2. There are no P.E.'s at my current job to work under.
Granted, a P.E. is not as common or as necessary in my discipline (chemical engineering), but having one certainly does make you more marketable