Research indicates that the combination of GPA and SAT scores ("Psychometric exam" and graduation scores) can predict the individual's performance at the university more than GPA alone or SAT alone.

Beller Michal (1994), "Psychometric and Social Issues in Admissions to Israeli Universities", in EDUCATIONAL MEASUREMENT: ISSUES AND PRACTICE, 13, p. 12-20

Mr. Nir - you will find in the article the specific prediction numbers for SAT alone vs. SAT+GPA (0.54 vs. 0.62).
Mr. Rabinovich - Christopher Hurn in his famous book "The limits and possibilities of schooling" (1985), answers the question of the "good doctor", and concludes that college grades do not predict either occupational status or future earnings.
Let me stress the point again: I was playing devil's advocate, and personally I would run naked in the streets the day all standardized tests will be abolished.

Do not confuse standards with standardized tests ("Standartim" vs. "Bagruyot"). The former is a necessity; the latter is the focus of this discussion. I admit that the English terms may be a bit confusing. And of course, "standardized tests" do not include bar exams etc., but in this discussion relate only to the high school population.