I don't quite agree with you saying that exam is just a test of memory!. Exam is a test of knowledge but it should not be used alone to judge a students intelligence. Schools can introduce oral examinations where pratical real questions can be asked, the students smartness and thinking capacity can be judged from there. In the case of written test, it assess spelling, memory.
The reason why I said this is because I have a friend who is so good when it comes to speaking, asking questions. she is very intelligent. But reverse is the case during examination. I had to encourage her, first to calm down, talk to herself while writing exam. Make it look it she is answering a question in class, after write it down. And the trick worked.

Exam does not only test memory, it test knowledge too but to an extent