Should I study current material for exams, or material from when the exams were created?

That’s a great question.  The short answer is:  Know how features and functionality work today.

Microsoft goes out of their way to tell you that the Exam objectives are just general guidelines and you should prepare for exams through real-world practice.  In fact, Microsoft says that the Exam Ref material and the exams are developed independently.

Therefore, if you answer an exam question with how something functions today, and you believe they marked it incorrect, you can challenge it.  We’ve already had students do this and win the challenge.  If, however, you answer with outdated or inaccurate information from the Exam Ref or other training material, Microsoft will most likely tell you that the material is wrong and not official.