Generally for stem test for application of material not memorization (Medicine you need both, etc). My lower level undergrad math courses all allowed us to bring a crib sheet with equations. It helps you go back over and study/relearn. In the graduate math / physics courses a crib sheet was provided and standardized. Memorizing final PDE solutions or things like Laplace Transform tables is no bueno.
Okay I'm just a systems engineer so certainly my material isn't as intense--fair points. I just didn't care for the explicit lack of rigor I encountered in my linear algebra class. I got a 94% and I can't remember anything.