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Possible indirect consequences? Place your bets:
More students wanting a competitive specialty start taking a year off between M2 and M3 for research. Since everyone can’t do this, med schools are forced to create a research track based on grades, grant funding, lottery, etc. This track makes med school 5 years long, costing an extra year of tuition.
More Med schools convert to the 1.5 year pre-clinical curriculum, giving students more research or clinical time.
More medical students pursue dual degrees.
First-Aid revamps the Step 2 CK book series, one book, 800 pages.
Book sales for FA Step 1 stay the same due to paranoia of not passing.
Step 2 CK starts testing more basic science content.
Students focus so much on Step 2 CK during 3rd year, they read FA and see less patients.
Residences focus more on Step 2 CK score, research, publications.
Residencies start asking for NBME scores from preclinical years.
I dont think it's unreasonable to believe some fields won't create their own standardized test to have students take somehow. No idea how it would work. But I could see it happen for the fields that are uber-competitive that their isn't an shelf exam for.