One of the causes people ascribe to the claim that students are unprepared for the modern economy and the challenges of the 21st Century is that students engage in ‘chew-pour-pass-and forget’ throughout their studies, and this claim does not, in any way, exempt post-graduate students. We observe that for post-graduate students, the main attributing factor to this phenomenon is the mode of assessment employed in determining their learning. The way post-graduate students learn is partly influenced by the kind of assessment that is used to determine their learning. Out of a number of ways of assessing students’ learning, we still observe that the use of closed-book test in assessing post-graduate students’ learning is most preferred by universities of higher learning as against the use of existing and emerging approaches which do not promote rote learning among post-graduate students. This paper therefore examines the phenomenon of closed-book test dominance in the assessment of postgraduate students’ learning and the implications for their preparation for the 21st Century. The recommendations could be one of the panaceas for the transformation of post-graduate studies in Ghana.