We examine how student attitudes toward their group, learning method, and perceived development of professional skills are initially shaped and subsequently evolve through multiple uses of team exams. Using a Tobit regression model to analyse a sequence of 10 team quizzes given in a graduate-level tax accounting course, we show that there is an anchoring effect, in that in later rounds satisfaction on all dimensions rests on the foundation laid in the initial round. Subsequently, however, self-perceptions and the perception of others may influence satisfaction on a particular dimension. We also find that the satisfaction with one's group tends to increase when students make more correct switches but decreases when there is greater disagreement among the group. Furthermore, satisfaction with team exams tends to lessen, and to an increasing extent over time, as the number of errors a student has committed on the most recent quiz increases.