Hi,
Well, this is quite a story. I am originally from India, but pursued my high school in the UK. I then went on to start my freshman year at DePaul University Chicago (decent college in the Chicago area), and transferred to a top tier public ivy in my 2nd year. I have consistently been a B+/A- student, however, because of some factors such as not getting used to the public school environment quickly enough, I got rejected from their business school (3.1 GPA in my first semester). As a result, I lost all my motivation and graduated with a 2.4 in Legal studies and Economics.

I went back to India and worked in my family business for two years (500 + employees, mid scale manufacturing firm in the automobile industry). I then came back to DePaul for the Masters of Science in Finance degree and will graduate next quarter (I currently have straight A's - 4.0 GPA). Additionally I have cleared my CFA Level I, and I also retook my GMAT last month and scored a 730 (3rd attempt).

goes without saying, I have put in everything in my power in order to undo what happened in my UG. I want to pursue an MBA in finance and am looking into Purdue, UIUC, Mich State, Kelley, Penn State & Minnesota. My top choices are UIUC and Kelley. Do I have the slightest shot at them? Will they be ready to blink at my UG GPA, or will they even take into account my MSF GPA and other factors that I have built up over the past 3 years? In other words, have i lost the game even before the intangibles come into play?

My post MBA goal is to break into consulting.

I have also done a lot of Extra curricular activities, as well as many on campus jobs relating to accounting/finance in my UG and PG. Also, I have completed an Internship at a small brokerage firm in Chicago as well.

Your help is much appreciated, and I look forward to your evaluation. Thanks.

PS: had a 3.9 freshman year GPA before transferring.

Well, I do have good news for you: You might even be able to get into better schools than you have on your list. Your 730 GMAT + relatively large family business is a winning combination, and I think you can raise your expectations somewhat, provided of course that you apply with a "taking over the family business as CEO/Director and expanding to xxx." This is one of the strongest profiles you can have. You have the low GPA, there's nothing you can do about it now.. but you DO have he awesome GMAT which shows you know how to academically succeed. If your focus is finance, I wouldn't hesitate to add NYU, Columbia, to the list, even Booth and Wharton, although they will be long shots.
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Jon Frank
Founder, Admissionado
http://www.admissionado.com
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