Exams as curently are - maybe whole school system.
We not in England but Wales so it's not as bad as English system and about to be reformed - but DD2 just finished as did 25+ exams over two years and needs 5 GCSE above C (A*-C) she will get 14 Level 2 - most GCSE at end. Nearly two thirds more than she needs - for her that's fine for some that means they miss needed grades in maths and English.
But mostly A-level and Uni applications applying before results.
So my 17 year old have to work out what likely grades they are looking at match them to uni wants - but in recent years what they want and what they usually take are so differnt UCAS have tool to highlight this - then teachers guesstimates get added to it all - then uni have to decide how reliable those gradse are at insitutaional level and if they'll lower grades for certain poorer schools or indiduals and make offers.
Then everyone waits - and it's hard to gauge how accurate predicted grades are but some research put it as low as 16% getting predicted grades another attempt to quantify says 79% fail to get predicted grades most over predicted by some under.
That a huge amount of stress to students and families with the uncertainty and a lot more work for Univerities - - no one likes it but seems to hard to change.