"To pass, all you have to do is tick a few boxes on a multiple guess exam, its hardly comparable to writing a final year paper."
That may have been the case in your day Ninjabill but when I did my ATPL we had to write several essays in many subjects, especially Meteorology and also Nav Instruments and Radio Aids for example.
I showed the requirements for an ATPL to my sister, herself a graduate, (and in teaching) and she said that the theoretical knowledge requirement, as then laid down in a leaflet, would qualify for a minor degree, depending on the depth of examination. There are some subject that require a whole lot less personal interpretation and there is no room for developing arguments, counter arguments or theories, Geography, for one.