In this paper, we share our experience in designing and running a project-based exam for a Software Engineering course at the undergraduate level. We underline the teaching objectives and content of the course which aim to prepare students for the industrial environment, e.g., various design perspectives on the project, design for reuse, software quality assurance and evaluation, tools for development and software quality assessment, project management and team work. We present our project-based exam and summarize hints on its design, organization, and evaluation.