How to set up semester-based exams in a course?

Is it possible to set up semester-based exams in a course—for example, one exam in April and another in November? Students would only need to take one of the exams, not both. Those who complete the course before April could enroll for the April exam, while students who finish after April would be enrolled in the November exam.
If so, how would the grade flow and grade calculation work?
Answers
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Hey there, @Avinashdeep.K.637! I think it would be easy enough to accomplish this by adding both quizzes to the same gradebook category and then indicating that you wish to drop the "lowest non-bonus item". Then students could complete either the April or November exam, both would count for the same weight, and the one they didn't take wouldn't count. Would that work?