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I agree with anonymous at 9.41 - a centrally set, centrally marked exam is a good thing.
What I don't agree with is that exam being multiple choice. I have had LPC providers tell me that it is perfectly possible to create a multiple choice question paper but they haven't explained how when the law is by its very nature open to interpretation.
An essay gives a candidate an opportunity both to demonstrate they have understood the legal principles but also to argue their position in relation to that point. A multiple choice question assumes there is only one right answer and gives no opportunity to explain why a candidate has made that choice.