Example automatic test equipment (ATE) includes: a test instrument for outputting test signals to test a device under test (DUT), and for receiving output signals from the DUT, with the test instrument including a front-end module, and with the front-end module including internal circuitry for performing functions relating to the DUT; and external circuitry for performing the functions relative to the DUT via the test instrument, with the external circuitry being external to the front-end module and being shared among multiple front-end modules or channels of the test instrument. The test instrument is configurable to use either (i) the internal circuitry, (ii) the external circuitry, or (iii) a combination of circuits in the internal circuitry and the external circuitry to perform the functions.