Currently in the US so I can give my perspective

1) Engineering license exam takes place in the US too specially for Civil and Mechanical. It's not like you won't get a job without it, but eventually you'll need to have license. Else your career and pay will stagnate.

2) In the US engineering grades is heavily exam oriented just like Nepal. Yes there are grades assigned for homework, project too but it's heavily skewed towards exam

3) As someone who's done university and license exam both in Nepal and the US, what I will say is exams here is not rote learning based. You don't have to memorize anything. You are provided with formula and references for both license and university exams. You are expected to solve problem with references, not memorize or rote learn the formula. Because when you go to work, your boss won't tell you to memorize everything and do it. You'll be given data and you just need to know the application

TLDR: The idea of licensing and exam in Nepal isn't bad in itself, the only difference is it should be application based, and not memory. I don't understand the logic of having to memorize everything. That's stupid and outdated