Background: The validity of unmonitored online exams has raised concerns about academic integrity and grade inflation, especially given the rise of artificial intelligence-powered tools. Objective: This study evaluates the validity of unmonitored online exams by comparing student performance between two sections of an undergraduate personality psychology course: one section completed an unmonitored online multiple-choice final exam while the other completed an in-person multiple-choice final exam. Method: A quasi-experimental design was used with two undergraduate personality psychology course sections. Section 1 (Spring 2022, n = 153) took an in-person final exam, while Section 2 (Spring 2023, n = 160) took an unmonitored online final exam. Both sections completed identical in-person exams throughout the semester. Results: Online final exam scores were significantly higher than the in-person final exam scores. The correlation between regular in-person exams was strong for the in-person final exam but weak for the online final exam. Exam format was a stronger predictor of final exam scores than prior performance. Conclusion: Unmonitored online exams lead to inflated scores and may not reflect students' true abilities. Teaching Implications: Educators should reconsider using unmonitored online exams for high-stakes assessments and explore alternative methods or enhanced monitoring to maintain academic integrity.