Exams.
For my courses at LSE, most, if not all of my grade is determined by my performance on a single two-hour exam taken at the end of the year. If you're lucky enough to have your homework graded, the grades don't count for anything -- they're just feedback to help you study. (My two math courses do have take-home exams, which count for only 10% of the grade.) All the exams are in May and June, even for courses that only met in the Fall term. So, for example, my theory of computation class ended in December, but I won't take the exam for it until June. Moreover, exam results cannot really be challenged. I won't ever get to see my corrected exam, and will never know why exactly I got the grade I did.
You would think a department that was world-renowned for its expertise in applied statistics would realize that this is not going to give them a very accurate measure of our ability.

