I believe that education is further advanced through examinations, because students have to be held accountable for learning the material. I studied much harder if my examination was closed book, because I knew that I actually had to learn the material. Without accountability, it is unlikely that students will take the time to learn.
I think we all learn more through completing coursework than through taking a multitude of exams. Exams are stressful and only cover the highlights of the course. The exams are necessary to prove that you did at least pay attention, but the real learning and retention comes from the course itself.
Whether someone studies for a test or not, the results of a test do not say how educated a person is. What is needed is the right course work and the best professors. With that in place, a person who wants to and works at it can absorb a great deal of information.
Examinations often times only reflect what a person is able to remember or repeat. Exams do not always offer insight into how a problem is solved. Exams also make it difficult for information to be transferred from one setting to another. Through coursework one may be better able to see how the information can be applied in school and everyday life.
I believe education is further advanced through coursework, not examinations. I believe exams can be important to check a students comprehension, but I think they often lead a student to store the information quickly and then disregard it after the exam. I believe coursework makes a student use the information in various ways, which helps a student actual learn, rather than remember.