I would argue that any test which is a race against the clock is a bad test. Whatever you are trying to test you are almost certainly not measuring (i suppose reality doesn't care and people still have to deal with bad tests).
Taking longer can help your career, but there's a limit. Test times were always very generous for people ahead of the curve, short for people below, and just about right for everyone else, because that's how they're designed.
Ancedotal, but when i was in school i remember people top of the class were often last to finish their test (i guess because they double checked things more).