Comment by ryuhhnn
Put yourself in the student's shoes: instead of being required to rote memorise every detail and hold that in your head until the end of the year, you are now only required to be assessed at the time that you are learning the material. Do you think you'd fare better on that type of test, or a test done months after you actually studied the material?
One of the first things they teach you in educational research is that standardised test scores are significantly impacted based on how the tests are administered and what the test is actually assessing.
That also depends on how the tests work. If each test covers both the new material since the previous test, as well as older material, then that would require students retain all the material, not just the recent stuff.
Or maybe the last test of the semester covers the entire semester's material, while the earlier tests only cover new material since the previous test.
We can't say for sure without this information.