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alphabetakappa
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atcooke
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I think all adcoms have different criteria. Some may sympathize with your major and undergrad institution while others will not; some pay place a high significance on GPA, but not all. It's difficult to really guess who will like you... some people "fit" better at different schools. You may have better odds at a higher ranked school based on fit. Columbia, Cornell, Kellogg, UVA Darden, and Michigan Ross are schools that seem to be more flexible on GPA whereas Harvard, MIT, Wharton, Yale, etc... probably weigh it more heavily. One person may look at your profile and think a 2.99 Ivy means "Did well in high school, got lazy/disorganized when independent." Or maybe they understand engineering = harsh grading. Either way you should demonstrate that you're motivated NOW through high GMAT scores, good work experience, extracurriculars, and so on.

Focus on the GMAT only. BSchools prefer it if you score high and you'll be spreading yourself thin by studying for two exams. They're different... the GMAT has different types of questions (and is a little bit harder).
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alphabetakappa
I graduated from an ivy league school with a degree in engineering with final cumulative GPA 2.99. It was because of one bad semester where I had < 2.0 due to personal reasons. After that, every semester has been above a 3.0. I am starting in technology consulting at a small company in NYC that is up and coming. Do I have any chance at top 10 B-Schools? I was thinking taking multiple post-grad courses at a public school nearby in NYC as well as taking both GRE and GMAT and studying very hard for those. I am good at standardized tests. Is this the right approach to strengthening my application for B-school or is the combined GRE and GMAT overkill? Do I even have a shot at programs that are similar in prestige to my undergrad degree? Thank you in advance!

I guess I'll chime in here since I can definitely relate.

Aside from the excellent advice already posted on here, I'd like to say that time, patience, and persistence may also help you counteract a lower GPA. To some extent, the undergrad GPA becomes "less relevant" the further it is in the past. For me, it was ~6 years since I had graduated when I applied to schools. Because my poor GPA was so many years ago, I believe some of the adcoms thought that it was not truly reflective of my current abilities and character. I had enough time and accomplishments since that time to counteract the damage my low undergrad GPA had done.

Also, I believe that adcoms appreciate persistence in the form of reapplications. If you were rejected one year and re-applied after improving your application, then I think the adcom would appreciate and recognize your persistence.

If you're deadset on certain schools, then I'd suggest making a list, researching, and applying whenever you think you are ready. Lay out a plan and a timeline, but also remember that an MBA may not be the end all be all for you. In a few years, you may find an alternate path or degree that will get you on course for your "dream career". :gl !