The vexed problem of assessing student performance gets a thorough treatment here – in the context of law.
Certainly for professional qualifications, some measurements (however subjective) need to be in place.
Some demand grades:
“It turns out that, in an effort to decrease competition among the students, Boalt had done away with traditional grades.”
“This system meant that a law firm, unless it got the kids at the very top of the class, had no idea whether it was getting a great student, a good student, or someone who just avoided failing. Considering the cost involved in recruiting and training young attorneys, it turned out that a lot of law firms weren’t willing to take the risk that they might not get one of the academically solid kids.”

March 18, 2007 at 1:15 am
Reminds me of an old joke:
What do you call the guy who finished dead last in med school?
Doctor.
It’s a scary thought, that you might need to ask your doctor what his/her GPA was.