Absolutely, EFT can help with test-taking anxiety. EFT is essentially creating a new focus (via tapping) to settle your conscious mind and allow access to your subconscious mind so that it can receive the new information, beliefs etc. It may also have some mechanism utilizing the meridians of course.
One limitation that you may find with EFT is that it may or may not permanently resolve the text-taking anxiety (or in any other context). This may be an indication that deeper work is needed such as childhood regression therapy (a childhood event that your psyche has now associated with taking tests), or parts therapy (addressing an inner part that causes this behavior).
I use EFT/Tapping along with T.A.T. or Eye Movement Therapy and find it quite effective when used alongside the deeper work.