Exams don't determine how clever you are comment

I used to wonder, why do teachers and most students praise
students who frequently score in their exams.. to me, exams(specifically i wud say, the Malaysian Education oriented exams) do not require students to think much..instead, it's all about memorizing formulas and stuffs. Memorizing things is sth ANYBODY can do! I totally agree with what my elder sis lectured on yesterday.. "Exams do not determine how clever you are" , "However,.." she added, "..scoring good grades in exams are vital, because they're like entry tickets for you".  In the nutshell, regardless of the fact that exams do not determine how clever we are.. we ought to score in them..for they're our entry tickets to higher institutions.