I would rather do an exam every year, and get a grade on the skills that they expect. Exams are standardized, granted that they are not perfect, but its closest to a system that works.
Am not at the whims and fancies of an individual interviewer.
I'm not sure what you mean by standardization. You're totally at the whim of the exam-maker either way. If anything I find algorithm screens tend to draw from a semi-standard set of fundamentals as outlined in books like Cracking the Coding Interview and tested on Leetcode among many other examples.
