Profile evaluation (is there hope)

Question

To make things as simple as possible, I will use the template as a guideline. I am in my last year of undergraduate program and I would like to get a profile evaluation because I believe it is now that I should be evaluated in order to know where to go from now on to maximize my chances of getting in the schools I would like to get in.

1) Being in my last year of undergraduate, I have no relevant full-time work experience.
2) My GMAT has not been done yet (with the time I plan to spend on studying, I would expect 680 at least), I was planning on doing it towards the end of next summer (unless you suggest against it, I know some schools require the GMAT to be less than 3 years old in order to be accepted, would appreciate specifications on this subject).
3) I am currently studying at University of Ottawa (Telfer school of management), my GPA is lower than I wish it was, it is currently 6.7/10 and I plan to bring it to 6.9-7/10 this semester (most likely my last semester unless I get accepted for an exchange). My major is Finance and year of graduation would be 2012.
4) No significant extra-curricular activities (this is where input would be appreciated, what could I do to enhance my C.V. on this aspect). The only leadership experience that I could deem relevant in this situation is during a summer job at one of the biggest medical clinics in the province of Quebec (Canada), I assisted and greatly contributed to the implementation of a new IT system to replace paper files by computer files (patient files). 
5) Plan on doing CFA 1 and 2 (also pending until I know whether I am going on exchange or not)
6) Ms Finance and MBA at HEC Paris have been in my sight. My only concern is that Ms Finance seems to put ALOT more attention on the GPA than the MBA. (I am not sure whether or not this is relevant or not, but international MBAs seem to put importance on language, I speak French, English and can get around in Spanish).
7) My post MBA goals are unclear as of now, and having no full time experience yet (meaning I will need 3 years before even thinking about applying), those goals would be clearer as time goes by and as I gain more hands-on experience.

My fear is that once I finish my undergraduate degree, my future will basically be sealed and with that kind of GPA and low amount of extra curricular activities, I won't be able to get in a good school (I would rather not do a MBA in Canada as they are not very well regarded in the rest of the world and coming out of a bachelors in business, a Canadian MBA would be redundant). I would like to get your preliminary evaluation on my case and suggestions on what I should or should not do as of now (should I think about adding 30 credits to my bachelors in order to get a double bachelors. In this case I was thinking about finance, which is my current one, combined with international management). I understand it is early to ask, but to me, it seems weird to ask when it is already too late (even though it already feels to late for my case).

Any suggestions would be very appreciated.

jenniferbloom · Answer

I highly recommend building an alternate transcript or buttressing this one by taking additional courses. This GPA makes it look like you are not academically inclined and/or do not work hard, which would both be problematic to the MBA programs. A high GMAT score - over 700 - will, together with that higher GPA, prove that the immaturity of your early college years is behind you. Almost all programs allow GMAT scores to remain valid for 5 years, so go ahead and take the GMAT when you feel ready. Most test-takers do better closer to their undergraduate years of study since they are more consistently using their analytical skills during that time. 
In terms of your career, the way to stand out in your MBA applications is to lead people and projects to make a significant impact. Going paperless is not the kind of impact the MBA programs are interested in; building companies and market reach are.

Mat09 · Answer

Thank you very much for your reply. Sadly, courses which are highly affecting my GPA (one D+ and one C which are respectively 3 and 4) cannot be taken again since they were prerequisites to classes I have already finished. As for doing additional courses, I would be inclined to think that I could get my GPA up to about 7.1 by doing 4 additional courses. Appart from doing a double major (as I mentioned, finance which is my current one and adding international management), what kind of other transcript would you suggest I build up? Also, would having a double major in addition to one or two semesters of exchange be an important addition to the C.V.?

jenniferbloom · Answer

The double major can help if it boosts your GPA significantly or prepares you for roles that would otherwise elude you. The exchange can also enhance your profile if you are then able to use that international experience and insight in future roles. Additional means of building an alternate transcript would be online or university courses (in business, statistics, calculus, etc.) while you are working. 
Since you are starting far in advance of your expected MBA studies, you may find the  MBA Action Plan Report  helpful in mapping out your next steps.

Mat09 · Answer

Thank you very much for the information and for the  MBA Action Plan Report  , after reading it for the first time, I have already changed my perception of one thing in particular, which is very important for me at this point in time: choosing my job wisely. By that I mean that as a student, I always regarded IB as "the job" that students in the finance field should go after. After reading this, I realize that it is not always about what is the most popular job, but mostly about leadership and thinking outside the box.

As for my GPA and a double major boosting it significantly (note that 7/10 GPA is a B+ average here), I have one problem with that, and it is the following. Whenever I do classes by correspondence (letter of permission) or whenever a student studies abroad in the frame of an exchange, the classes appear on the transcript as pass/fail. Now of course I know what grade I have, but it is hard to estimate my real GPA since grades from different universities vary. For example, here they base it on a 10 scale, the courses I did by correspondence (for lack of availability during a certain semester) are on a 4 scale, and classes in other countries might have a different scaling method. Is there a generally good way to estimate my GPA using all different scales? I was thinking about taking my grades as a percentage, and then assigning a letter and then converting all of that on 10 (individually and then averaging it out as a GPA).

As for the online or university courses, would CFA be considered a good asset? The problem with MBAs in Canada as I was told, and read multiple times on the forums, is that they are very general and a lot of employers only give Canadian MBA holders a slight advantage over regular Bachelor's Degree holders. Another option I had considered was to do a Masters in finance, in which I most likely couldn't enter in a B-school but with a preliminary evaluation, I was told that with a 550 GMAT (which shouldn't even be a problem considering the amount of time I plan on allocating for the GMAT preparation), I could almost certainly enter in a masters of finance in British Columbia. Now the question is is it better to graduate and then focus on CFA, work experience and some other online courses (if so, as an admission's consultant, which courses would you suggest), or is it better to get a Masters in finance in a non B-school?

My apologies for all the precise questions, but I am sure you will understand that even though it is quite late to boost my GPA significantly, I'm hoping that I will be able to compensate in order to enter a well renowned establishment.

jenniferbloom · Answer

The programs all have specific instructions about if/how they want you to calculate your GPA; follow them explicitly. 
CFA is a great asset, but it doesn't affect your GPA, and it can make the admissions committee doubt the need for you to pursue an MBA if you have completed all 3 levels. A Master's in Finance is a doorway to the finance industry, so if your goals are not management but strict finance, then this degree is a great option. In fact, just as an example: 78% of the LBS MFin class entered Financial Services upon graduation (38% in Investment Banking) while only 34% of  LBS's MBA program  went into Finance (14% in IB). One big difference between the programs is the post-graduation salaries: MBA grads earned an average of $121K right after graduation but MS grads average "only" $108k.
To the MS path I have two caveats: 1) if your GPA is low, then your chances of admission to MFin degrees decreases (since GPA and GMAT scores are even more important criteria to the MS programs), and 2) you must research the recruiting success of the program (offers by graduation, salaries, positions, etc.) before enrolling to ensure that the program succeeds in the area that you are pursuing.

Profile evaluation (is there hope)

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