Exam results day still holds the power to send most young people into a state of nervous animation and we should not forget the vast majority work extremely hard in preparation for the tests that will, in so many cases, decide the future direction of their lives. With this in mind, it is only fitting we congratulate the 140,000 students who received their results yesterday. We should also pay tribute to the tremendous hard work of the teachers who steer them towards their goals, often in challenging circumstances. Long-suffering parents, too, deserve praise; offering the right level of practical and emotional support to teenagers doesn’t get any easier through the ages.

Overall, there was much to be optimistic about. Seventy seven per cent of those sitting Highers passed the exam. That’s slightly down on last year, but not by enough to be of concern; year-on-year grade inflation is not necessarily a healthy sign at any rate. The fact 79 per cent of youngsters sitting the relatively new National 5 qualifications passed – roughly in line with last year’s result – is also to be welcomed.

But perhaps the most encouraging news of all is that more pupils from Scotland earned their university place yesterday than ever before. According to UCAS, which processes applications, 28,300 Scottish students successfully secured their course. We wish each and every one of them well. The fact there has been a rise in the number of youngsters from deprived areas securing a higher education place is a particularly welcome sign.

One note of caution, however. Any overall rise in university acceptances means places will become ever more coveted and that puts pressure on the system. Institutions must now work with the Scottish Government to ensure they can provide a sustainable funding future for as many university places as possible – our young people, indeed our economy, depends on this.

Perhaps more concerning, however, was news that around 8,000 fewer students sat National 4 qualifications than last year. National 4s have arguably been the most controversial element of the Curriculum for Excellence changes phased in over recent years. Supporters of the exams say last year’s numbers were too high and that this year’s reduction is a correction.

But the real explanation for the drop is likely to be more complicated, and revolve around various factors including teacher concern about the vast amount of work required to prepare pupils, and parents and many in the business community questioning the value of the qualifications, which aren’t tested by exam. Already, National 4s are being viewed as the second-class option.

If schools and parents really are voting with their feet and sidestepping National 4, then perhaps it’s time for their place in the exam system to be reviewed. Teachers and students work far too hard to waste time on qualifications that aren’t up to scratch. Maybe the addition of an exam would be enough to restore the reputation of National 4s?

Meantime, we reiterate our congratulations to the country's young people. And to those who didn’t achieve what they hoped for, we say this: not all success comes easily, and not all destinations have a single route.