I think the entry from Humphrey Sheil blog answers your question :
http://humphreysheil.blogspot.com/2009/06/slides-from-javaone-bof-on-scea-exam.html#c8421713752901304123
RE: fragmenting the class diagram, I genuinely advocate against this and do so quite strongly. Fragmentation by itself is not the issue, but almost all candidates who do fragment, never provide a joined-up view clearly showing that their multiple class diagram fragments fulfil the business problem laid out in the domain model. Specifically, they lose many marks because association and multiplicity information between entities.
Finally, I believe that the complexity of the assignments in the exam don't require fragmentation.
So, for me the answer is clear : For
SCEA assignment its better to make single diagram, if you have a big number of classes which could not fit on one diagram, it could only indicate that your solution become to complex (for SCEA needs) and
you should simply reduce the number of your classes.
I think it is better to create simple and elegant solution, without going to far into details, and making a huge project, containing many fragmented diagrams.
Of course in case of real projects such fragmentation is inevitable, however SCEA assignment is much simpler than real project and following SCEA authors tips is a good idea IMO.