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I assumed exams still existed. But how did the portfolio get in there? Who thought "what our system needs is some extra corruption and subjectivity"?

still exists, but it depends on colledge admission board's decision to take what they want (profilo or exam or both)

Exams don’t give the whole picture.

but after looking the brief intro of how us colledge doing recruiting students, I believe my gov (Taiwan) is going to the (almost) same way