They are a good indication of being able to work under pressure if nothing else
Oh, and I wouldn't call maths a "medium-low degree", yet my course is mostly exams
No, not at all.
Exams show one thing, a persons ability to regurgitate information.
Projects/Assignments are a better indication of working under pressure, time management, structure of work, willingness to research new things in relation, organisation and dedication to their study.
With projects, you get some people who will leave it right until the end and in 90% of cases it shows because the work is of substandard quality.
On a recent project I had to do in university, me and a few mates started it about 4 days after we were given it. It was a 1 month long programming project. We managed our time well and finished early, with perfect amount of time to check through it and polish it up. Thats what will be expected in a research or working environment. We had a number of things to do on a checklist which we had to include. I did 9 out of 10 as the last one was something we hadn't been taught yet, automation. I did try to look it up, didn't understand it completely so never included it because you get marked down if your program crashes. So its better to have a fully functioning program with less features than one with more features that crashes, as I'm sure you're aware.
Loads of people left it to the last week and then panicked and got about 4 things done and I thought I had done bad, some of whom are better at programming than me, but I did better purely on the basis that I managed my time better. I also added extra bit of code I'd found to touch it up, make it better which shows I researched and took time to look at new things in the API.
Some people just don't care. Exams don't prepare people for the real world. Having worked in the sector i've seen some people who just like being spoon fed because thats how the education system makes them. Its ridiculous.
Everything should be assessed on project work. A set criteria should be given and as long as you meet that criteria you should get the mark.
Lets say a program that needs to have;
- a menu
- user input
- saving to a file
- reading in from a file
- arrays
- use of graphics
etc
You should be able to make any program on anything that meets that criteria. One, it gives the student the opportunity to be creative in what they do. Two, it allows them to look up different ways of doing things rather than being spoon fed certain code to carry it out.
Fair enough if you think exams are a good indication. I honestly think they're the worst method of assessment.