A number of these exams were structured as multiple-choice questions. 1 interesting aspect was that there were not separate examinations for each subject. Instead, there was only 1 exam for all subjects. For instance, medical students look in one 7-8hour test on one day to show their readiness.
Same holds for financial analyst exam where candidates look in one examination of six hours. Historically, education was a luxury not cheap to many in America.
There was plenty of work to do and jobs were plentiful. Studying at university for four years was out of question as this required giving up salary for so many years. Finally, professionals decided to establish their own certification exams. This ensured that only technically competent graduates could join professions. American universities began offering new classes in specialist subjects to pull students who were aspiring to be accountants and engineers and financial analysts.
The issue was that many of these professions did not value the technical comprehension of the graduates of universities. There’s big gap between professional exams ran in US and UK. We should look at history of education in these two countries to understand the distinction. UK universities have been created to function as the upper class.
Members of the upper class owned possessions and had plenty of free time to understand and share new concepts.