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You can't call it a waste of time since it is way for you to finish your study. You can say it a waste of time if you didn't finish your degree.

I think exams are good for us.In China,exams are really common.It is useful to check the results of students.

Guest wrote::( Are exams the only way to check our skills or motive for study?Can educators invent a better method to achieve that?

I am afraid that it may be the only way to check our skills......

Some test scores, for example - the TOEIC, are recognised by companies, agencies and universities across the globe - so can be really valuable. You can do exam preperation courses to improve your english and exam skills at the same time

http://www.bloomsbury-international.com/en/

I consider it a waste of time. Every student knows his abilities and knowledge. This is what the teacher needs to check what he has taught.