[solaxun]

This is my main qualm with testing as a means of validating understanding. If you truly understand a topic, you will probably pass a test on it. However passing a test most definitely does not guarantee understanding.

I remember very, very little from the CFA exams (passed L3 about 10 yrs ago), because it tested surface level knowledge of an incredibly broad array of subjects. Far too broad to allow a deep-dive in any one thing. At the time, I could fit a bunch of formulas in my head and regurgitate them on command, but it was like filling up a leaky bucket. I had to load that sucker up and run into the exam center before it poured out.

IMO testing well is it's own skill, and has little to do with understanding a topic. Understanding is when you've forgotten all the stuff you've memorized, but you can work your way back to a solution from first principles. I think the only way to get to that point is genuine interest and sustained study.