Hi,
She did very well on the exam. She must have studied hard. (1)
=She did very well on the exam. She should have studied hard. (2)
=She did very well on the exam. She ought to have studied hard. (3)
Is that right? No, it's not.
If not, what is the difference btw them?
In #1, the second sentence suggests a reason for her success.
In #2 and #3, the second sentence gives the opinion that she needed to study more. This advice would be appropriate if she had failed. But she didn't fail.
eg She failed the exam. She should have studied hard. (2)
Best wishes, Clive