One theory exam for the FAA ATP but you have a choice whether you'd like to do one that focuses a little more on 121 ops, or one that focuses on 135 ops. Makes no difference to the privileges of the licence you get - it just lets you do an exam that is more optimised towards an area in which you might be working and need the ATP eg 135 Commuter PIC must have an ATP, as does 121 airline PIC
Last edited by Tinstaafl; 25th Nov 2012 at 15:54.