From my point of view and to quote the song "absolutely nothing"!!!
I am coming towards the end of my 2nd year on a Masters in HRM and am staring down the barrel of two exams in May for which I need to start preparing. I sat one in year 1 last year which was the first one I had sat since I left school at 16 some 32 years ago!!! Now I did okay in that exam but the old fears of cramming and trying to remember came flooding back and as I approach this final set of exams, those feelings are surfacing again, much as they did when I was 16.
Now there a lot of reasons why I would want to be 16 again but sitting exams is not one of them. For me they are merely a test of recall ability in the first instance whilst I appreciate that at Masters level there should be some analysis and critical assessment of the information being recalled but whichever I look at it, the first art of exams is remembering what you need to for a very condensed space of time.
Over 33 years of working I have built up knowledge which I use every day so I appreciate the need to be able to retain information but cannot see the merit of exam style assessment.
Happy to be convinced otherwise.