This actually comes down to a question about the interpretation of units, and it's kind of a tricky issue.
On one hand, you can view any equation in physics as nothing more than a mathematical relationship between some numbers. This was the view taken in the early days of quantitative physics,* back in the 17th and 18th centuries, when the concepts of force and momentum were just being quantified. Since there was very little in the way of collaboration, the idea of a standardized unit system hadn't really taken off, so if you were doing an experiment to establish the relationship between force, momentum, and time, the units you used would have been determined by your equipment. In other words, all you would know is that you have a force meter (scale) which will give you a number proportional to the force, a "momentum meter" which will give you a number proportional to the momentum change, and a clock of some sort (perhaps a pendulum) which will give you a number proportional to the time.
Let's say it's been established that the relationship is linear. You would probably run an experiment in which you apply a certain quantity of force for a given number of ticks of the clock, and change in momentum off your measuring device. Then you would plug those numbers - it's important to notice that you're only dealing with numbers, since there are really no meaningful units to speak of - into the discrete approximation of Newton's second law:
$$F^{(N)} = K_F^{(N)}\frac{\Delta p^{(N)}}{\Delta t^{(N)}}$$
Here I've used the superscript $^{(N)}$ to indicate pure numerical value, i.e. the number you read off the scale/clock/meter. Plugging in these numbers will allow you to determine the value of the constant $K_F^{(N)}$. Hopefully it's obvious that the value of this constant will depend on how your equipment is calibrated, or in other words, which unit system you're using. If hypothetical-experimenter you decided to label your unit of force the pound $\mathrm{lb_F}$, your unit of momentum $\mathrm{lb_M}\;\mathrm{ft}\;\mathrm{s}^{-1}$, and your unit of time the second, you would find that
$$K_F^{(N)} = 32.174$$
Back in those days, before people started really thinking about units, all multiplicative equations in physics were thought of as simple relationships between numbers. Accordingly, they included constants of proportionality which were customized to each lab's equipment.
Eventually, as more people started doing physics, there arose a need for standardized unit system so you could compare data from different labs. Then you could write the above equation as
$$\frac{F}{\mathrm{lb_F}} = \frac{K_F}{\mathrm{lb_F}/(\mathrm{lb_M}\;\mathrm{ft}\;\mathrm{s}^{-2})}\frac{\bigl(\frac{\Delta p}{\mathrm{lb_M}\;\mathrm{ft}\;\mathrm{s}^{-1}}\bigr)}{\bigl(\frac{\Delta t}{\mathrm{s}}\bigr)}$$
because the numerical value of a measurement is just the measurement divided by its unit. You can algebraically rearrange this to
$$F = K_F\frac{\Delta p}{\Delta t}$$
where
$$K_F = K_F^{(N)}\frac{\mathrm{lb_F}}{\mathrm{lb_M}\;\mathrm{ft}\;\mathrm{s}^{-2}}$$
So Newton's second law has shifted from being a simple relationship between numbers, to being a relationship between physical quantities which are expressed as multiples of a reference value. However, you still have a conversion constant in the equation. Symbolically, it's independent of units, but you still do have to plug in a different number depending on which combination of units you want to work with. This is the sense in which $F$ is only proportional to $\frac{\mathrm{d}p}{\mathrm{d}t}$.
In the modern scientific community, on the other hand, I think most people would agree that units are a human invention, and that physical quantities should exist in some sense independently of the units we choose to use for them. Taking that view, there should be some "natural" way to express the equations of physics that doesn't incorporate any "unit system artifacts" like these proportionality constants.
The way we do this is to define the units as abstract objects and develop a set of rules for manipulating them (kind of like unit vectors). We can then incorporate the conversion constants into those rules. For example, let's again consider the discrete approximation of Newton's second law, but this time without the conversion constant written into it:
$$F = \frac{\Delta p}{\Delta t}$$
You can still use seconds for time and $\mathrm{lb_M}\;\mathrm{ft}\;\mathrm{s}^{-1}$ for momentum in this equation. When you read the numbers off your measuring equipment and plug them into the formula, you'll do it like this:
$$F = \frac{\Delta p^{(N)}\ \mathrm{lb_M}\;\mathrm{ft}\;\mathrm{s}^{-1}}{\Delta t^{(N)}\ \mathrm{s}} = \frac{\Delta p^{(N)}}{\Delta t^{(N)}}\mathrm{lb_M}\;\mathrm{ft}\;\mathrm{s}^{-2}$$
Suppose you want your answer in pounds of force. You would look up the multiplication rule for $\mathrm{lb_M}\;\mathrm{ft}\;\mathrm{s}^{-2} \to \mathrm{lb_F}$, which in this case can be found on Wikipedia:
$$\mathrm{lb_F} = 32.174\ \mathrm{lb_M}\;\mathrm{ft}\;\mathrm{s}^{-2}$$
(in general you might have to chain a few rules together to get the right conversion). So you wind up with
$$F = \frac{1}{32.174}\frac{\Delta p^{(N)}}{\Delta t^{(N)}}\mathrm{lb_F}$$
It works out to the same thing as before, but this time the conversion constant $K_F$ is part of the unit system, not the equation. This means that if you're not plugging actual values into the equation, you don't have to think about units or proportionality constants at all. And if you look at it this way, $F$ is actually equal to $\frac{\mathrm{d}p}{\mathrm{d}t}$.
So what's the verdict? Unfortunately, there's no unassailable answer to this question of whether Newton's second law is a proportionality or an equality. Depending on how you think about it, either answer could be valid. But I would say the "equality" answer, which corresponds to the modern view of units, is conceptually cleaner. It's accepted by all competent modern physicists, as far as I know (for mechanics, at least; electromagnetism is a whole different story), and it's certainly the interpretation we try (however unsuccessfully) to instill into introductory physics students' minds. I'd definitely agree that the examiner was being unreasonably picky (though to be fair, he did give credit for it).
*I don't have an explicit source, so I'm not entirely sure this is the way things were really developed; I'm basing my description on some fuzzy memories. That being said, the backstory does help clarify the various ways in which we treat units, so consider it historical fiction if you must.