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This study explores the impact of open-ended versus multiple-choice exams on students' metacognitive and affective dimensions, with a focus on the necessity of advanced assessment systems for evaluating open-ended responses. The research examines cognitive strategies, selfchecking, worry, and effort through the perspectives of students, teachers, and academicians. Using a phenomenological approach, the data were categorized into twenty-three groups under four main themes. The findings reveal that open-ended exams better support the use of cognitive strategies and self-checking, while multiple-choice exams are more associated with worry. The study highlights that merely changing exam formats does not automatically enhance student outcomes, aligning with addressing past injustices and reinvigorating the authentic assessment system to fulfill the advancement of equitable and effective assessment practices.