The aim of this study was to investigate university students' experiences of open-book, open-web online examinations compared to traditional class examinations concerning preparing, responding, and learning. The data (N?=?110) were collected by an online survey from the university students who took an online examination. The students used approximately the same time to study for an online examination as for faculty examination, but over half of them reported using more time for responding and learning more from an online examination compared to a faculty examination. The study supports the earlier findings that assessment methods are essential for students' learning experiences and that self-efficacy beliefs are essential in positive learning experiences. It also indicates that self-efficacy is affected differently for different students by the online context and that the individual differences in experiencing the learning environment should be taken into account in assessment procedures.