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I think if students think that all that matters is exams at the end of two years, it's a risky strategy and goes against what we are telling them (and doesn't often work) - but it's within their rights to give it a go.
@Markyboy is right, there are some people who can pull it out of the bag at the last minute and this sudden change really disadvantaged them to the benefit of those who worked consistently. But we had to base all our predictions on evidence.
I'd have been fucked, basically did fuck all coursework and didn't bother with mocks, blagged pretty good on actual exams. Not that I actually used the results for anything ever as far as I can remember.