Sure, the material on the test is not extremely advanced. But it is also not a cakewalk for most math undergrads. In a perfect world every undergrad would have decent classes in abstract algebra, topology, and analysis before taking the test. But it doesn't always work out like that... What tends to be difficult for me is changing gears quickly. "Compute this line integral. Now find the error in this proof about compactness. Now determine when this sequence converges. Now answer this question about complex analysis, which you haven't taken. And do each in about 2 minutes."