Yes and no. The idea that exams test someones knowledge of a topic is a myth. Exams are poor measurements of someones understanding of the material.
However, there's a paradox here. If we remove exams, we have nothing to categorize people with anymore; to capitalize the population, which is the goal of education in the first place.
But then with exams, people teach and study the exam, not the actual persuit of knowledge on a topic. I've seen people that are morons with virtually no real knowledge of a topic ace an exam because the route memorized the material that would be presented on an exam. I've also seen people with vast knowledge of a topic bomb exams because the exam questions are ambiguous or irrelevant to understanding the topic at hand.
IF the tests actually did work, we would have lots of really smart, knowledgable people in our population. However, we don't; the general portion of the population is so ignorant it's ridiculous because all of that information they simply cram to ace the test is not retained and not truely understood.
It also surprises me that the majority of people on here truely believe an exam tests your knowledge on a topic. The capitalist foundation of our education system to produce, package and sell people is very effective XD
I think it is self evident that you can't beat the system, as I myself am also a product of the system that owns me. However, I'm fully aware of the injustice that goes on in this country :p