The current study investigates the relationship between take-home (open-book) exams (THE) and in-class (closed-book) exams (ICE) on academic performance and student wellbeing. Two social science courses (one bachelor and one master) were included in the study. In the first cohort (2019), students from both courses performed an ICE, whereas students in the second cohort (2020) performed a THE. Four to six months following course completion, students were approached to fill out a survey pertaining to their academic performance and wellbeing during the course, and to complete a quiz measuring knowledge retention on the course materials. No significant differences were found between the ICE and THE cohorts in academic performance and knowledge retention for either the bachelor or the master students. Bachelor students who completed a THE in 2020 reported significantly lower wellbeing in comparison to their peers completing the ICE a year earlier. The implications of the results in the context of the Covid-19 pandemic are discussed.