Your guess is right and sadly the Special Field Exam, which is also the last exam you have to write at SPJIMR, is essentially a Subjective Paper where you have to apply concepts you learnt during the third semester (core specialisation) of your study. Each of the specs had a mix of Objective and Subjective Questions. To make all of this worse – the exam is closed book, closed laptop. Need I say more?
Well, Some say, the subjective nature of the exam is to reduce the probability for a re-test. Time shall provide evidence.