Researchers have recognized collaborative problem-solving as a key competency for addressing sustainability challenges through creative and holistic approaches. Nevertheless, transforming traditional individual assessments into collaborative examinations to improve collaborative problem-solving is challenging. This study examines the experiences and perceptions of Korean undergraduates regarding two-stage examinations comprising individual and team components. Semi-structured interviews with nine students yielded results in eighteen subthemes categorized into four themes: process, positive aspects, negative aspects, and action items for support. Participants experienced a dynamic, collaborative problem-solving process through two-stage examinations; reported positive aspects, such as improved grades, learning opportunities, immediate feedback, and reduced test anxiety; and negative aspects, such as the burden of teamwork. As the first qualitative study of students’ perceptions of two-stage exams, this research explores transformative assessment practices that enhance collaborative problem-solving skills crucial for addressing global sustainability challenges. Furthermore, to promote collaborative assessments, this study discusses implications for educators planning to use two-stage examinations and offers suggestions for future research.