Or, how good the student is at cramming as much information as possible in two or three days before the exam, using past papers to establish the format of questions and reduce the level of understanding required to answer them.
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Cramming: this is why I prefer that open-book exams provide the majority of an exam-based assessment.
The problem that you allude to of learning the past exam paper format is not the exclusive domain of the all-exams-once-a-year-in-two-weeks system, though. Continuous assessment, coursework, modular examinations; they all suffer from the same weakness. A teacher who wishes their students to score well in a continuous assessment would be well-advised to brief them on "what the examiner expects to see".