Indeed, this may be the central error of the Universitas - originally the Universitas was a union of teachers who did not create, give or mark the exams - usual

Indeed, this may be the central error of the Universitas - originally the Universitas was a union of teachers who did not create, give or mark the exams - usually for admission to careers in law - because that was the exclusive province of the Catholic Church. "Universitas" was and is just the latin word for "guild" - any guild. Once the professors began in effect, to judge their own work, relevance and competence (along with their students' qualities) the jig was up. The union has become the company as well, so of course it's expensive and largely worthless.