Developing and administering parallel test forms to students in higher education offsets the cost of having assessment scores that have low validity. This research demonstrated the validity and equivalence of parallel tests in a Basic Statistics course. Among other things, the study:(1) established and compared the item specifications of the items on the different test forms developed, and (2) determined the extent of parallelism of the alternate test forms. Three carefully designed alternate forms of achievement tests (using item specification and test specification table) were administered to 504 second-year students. In addition, academic resilience scale was administered to the same students to help ascertain the criterion validity of the alternate forms. The study revealed some level of similarities in the statistical specifications of the alternate test forms. Further analysis showed that the three alternate test forms developed were congeneric forms of parallelism. The authors concluded that developing classical parallel forms of the test is not feasible, but having congeneric parallel test forms offset the cost of having less valid scores which do not represent students’ attainment levels. Faculty members are encouraged to make use of parallel test forms in assessing students in higher education.