So I apparently don't have all the spells for the final exam yet, but after completing the pre-test Erasmus gives my character just gets stuck in the middle of the entrance hall. Is this a known bug and I should just stay away until I have all the spells or is something special going on with my game?

I thought after a period of inactivity (or similar), the Wizards of WIT would teleport you out of there.

When you say "stuck", can you move or type anything?

I don't know what is the GOG policy for necroposting (or however it is spelled) but I don't want to create another topic for the same issue I'm having.

As the OP said, I left Erasmus test and was told that I lacked spells. The Hero walks until the middle of the screen and then it stays there. You can't walk or type, however if the mouse is enabled, you are able to move the mouse and access the Main Menu, but not all the options. The cursor changes to a dragon and you can even right click and get descriptions like the look command, but that's it, you can't move or type anything. You can SAVE and Restore, but that's it, you can't move the hero anymore.

If you leave the game sitting there for a few minutes, does anything happen (like getting teleported out)?

Usually being 'locked' like that means an event is in progress. It's quite possible that, due to timing differences, the scene takes longer to resolve than it would have when the game was originally made, even under DOSbox.

I waited for over 15 minutes and the are no changes, so I guess it is in fact, stuck/frozen.

Anyway, I had to reload and buy the required spells. I think there is no other way.