Yeah, it may not be possible. Keep in mind, though, that there are plenty of things about being an actuary that aren't tested in the actuarial exams. That doesn't stop them from requiring that actuaries pass an exam involving calculus, linear algebra, and so forth. And as a result, actuaries don't have to go around re-studying integration by parts every time they want to change jobs.
I've been on a few interviews at different silicon valley companies, including Google and Amazon, as well as smaller ones, and the technical screening is remarkably similar. I've noticed it is far more rigorous at some companies than others, but they all more or less test dynamic programming, recursion, trees, lists, hash tables, sorting, and permuting. Even if we all agree that there is no way to have an exam that captures the wide, diverse nature of programming, it could still be useful to have an exam that covers that part that we test over and over and over.
There's one other wrinkle that may not work here - many companies say they do this because they want to see how you tackle a difficult programming problem, how you communicate your solution, and so forth. As a result, they might not be satisfied with an exceptional performance on a similar exam, even if they have high confidence in the board that created the questions and conducted the exam.
Now, all that said, I do consider this to be a really serious problem. Why? Because people who can study for and pass a difficult whiteboard exam on algorithms and combinatorics can pass the actuarial exams, the bar, the medical boards, and so forth. I think that the software industry loses a lot of talent because people don't like the idea of signing up for an industry where they will have to pass their entrance exams over and over, every time they change jobs, and the people who are capable of this have other options. I think this is costing us a lot of talent, it may cause people to favor other fields, and it may cause people to give up and drop out. There are some risks to a formalized test (cartel building is a serious risk, I recognize this, and it worries me - as a math major rather than a CS major, I might be one of the first excluded).
At this point, I don't want to seem like an advocate for this. I'd say I feel ambivalent about it, but that's a change from where I stood on the issue a few years ago. I'm starting to believe that the damage inflicted by what some people believe is "interview hazing" may go very deep. Here's a hint at the extent of the problem...
http://www.fastcompany.com/3043082/most-creative-people/why-...
"Hall asked a simple question: Why didn't Chipps, a brilliant engineer, ever apply to work at Fog Creek? Chipps said she didn't think she would make it through their rigorous testing process."
One last thing - people certainly can agree that there is a problem without agreeing on a solution, especially one that involves a standardized exam.