If you always miss exams, you won't get enough credits. Now many schools implement the credit system. If you pass all the exams, you are sure to get enough credits. Too many subjects fail, and maybe there are not enough credits to graduate. Of course, if you miss some subjects for irresistible reasons, you can apply for make-up exams, then you can apply for make-up exams.
If you fail the make-up exam or miss too many subjects, you may have to retake it. And if you retake too many subjects, you may have to retake the exam. If you can't pass the re-reading, you can't graduate. So the absence from the exam is not serious, but the result may be very serious.