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bondtradercu
For top MBAs such as HBS and GSB, if I get a really high GMAT score, would the low GPA be somehow compensated? My Major GPA is ~3.8 though. My low overall GPA is because due to personal/ health reasons, I missed exams for a intro psy class sophomore and it was too late to audit it, so I failed that class.

Would this be a hindrance?

Well the average is around 3.6-3.7 for those two programs meaning, essentially (obviously not exactly) close to half of admits had below that so I reckon you're safe and sound GPA wise. Now just worry about being an exceptional human outside of the classroom and nail the GMAT.
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bondtradercu
For top MBAs such as HBS and GSB, if I get a really high GMAT score, would the low GPA be somehow compensated? My Major GPA is ~3.8 though. My low overall GPA is because due to personal/ health reasons, I missed exams for a intro psy class sophomore and it was too late to audit it, so I failed that class.

Would this be a hindrance?

Hi bondtradercu,

Quite frankly, the 3.8 GPA isn't too low, as well :) That said, of course, a high GMAT score will definitely help compensate the GPA and you must definitely aim for the same. You could always address the reason for your low GPA in the Additional/Optional Essay that most MBA applications have and focus on how things have changed since then.

Hope this helps.

All the best! :)