There is also an option outside "one exam" and "many exams" — and that's "no exams." Obviously, this is spectacularly hard to fit into the current system, but you see this a lot in vocational schools where project-based work makes up the majority of the grade and exams are held to comply with regulatory requirements.
ChatGPT might just fit into an educational world that values outcomes over fact retention. One may dream.
Well-structured exams are the single most effective teaching tool available. Assessment is a fringe benefit. I'm a strong advocate for "even more exams", where you take the highest score on particular topics.
There are variations, but if you're curious check out "Standards-based grading" or Mastery-based grading. It's in a weird and shitty limbo where a lot of primary and secondary schools have adopted it partially with inadequate training/support, and it's also getting fucked by our shitty publishing industry, same as the botched common-core rollout.
ChatGPT might just fit into an educational world that values outcomes over fact retention. One may dream.