Engineering economics courses often require students to take time-constrained, in-class exams in which they solve problems by hand, possibly referring to interest rate tables. Many students rely on partial credit to successfully pass exams. Outside of the classroom, professionals rely on computers to solve engineering economics problems, which raises the question of whether engineering economics courses are correctly assessing student performance. This article describes the study of a large engineering economics class using a non-conventional testing method. Student performance was evaluated using online testing modules with a stringent passing criterion, and the tests could be taken multiple times. The questions for each testing attempt were pulled from a database so that students received a new question every time. We compare the performance of students who were assessed using traditional methods with the performance of students assessed with these online testing modules. Our analysis shows that, overall, students who were assessed using the online testing modules earned better grades than students who were assessed via traditional methods. The analysis also discusses several benefits and drawbacks to using online assessments compared with traditional methods. The online assessment method could be useful in large engineering courses that are formula-based.