The confusion comes I think from where in the year you might be at the time. If you are half way through the year then how the two statements affect the work during the year differ:
"At the end of the year there will be an exam on everything you've studied..."
This first form implies that the exam with cover everything you've studied so far (up to now). It is implicit that this may also cover work studies between now and the exam, but it may not. For example:
"At the end of the year there will be an exam on everything you've studied. Any work studied between now and then will be examined the following year." - This is still correct
"At the end of the year there will be an exam on everything you'll have studied..."
This second form implies that the exam will cover everything between now and the exam but is not specific on the work you have already covered. By using "you'll have studied", implies the work in question may not have been studied yet.
"At the end of the year there will be an exam on everything you'll have studied. Any work studied between now and then will be examined the following year." - This is now incorrect
"At the end of the year there will be an exam on everything you'll have studied. Any work studied up to now is not included and was all covered on last weeks test." - This is correct