If I have a masters degree, does my undergrad GPA still matter?

I'm graduating this term with an econ degree from a USNWR top 5 school, but I had a mediocre 3.1-3.2 GPA. I'm going to be getting a masters degree in industrial engineering from a pretty reputable program in the southeast. After I have some form of a GPA as a graduate student, does my mediocre GPA effectively go away for the purposes of resumes and online applications for good jobs?

I ultimately want to do some form of consulting with an emphasis on healthcare systems.

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It depends. Some firms want every potential data point when assessing candidates. It's not uncommon to hear stories of people having decades of work experience still being asked for their undergrad GPA and SAT scores.

If you complete two years in investment banking and then start interviewing for PE or hedge jobs, most head hunters will expect you to list your undergrad GPA on your resume. If it's left out, they will assume that it's really bad, so just bite the bullet and put it on. Although GPAs in most master's programs are inflated (at some schools, B's are basically treated as failing grades, so everyone receives an A unless they really screw up) you can put the higher GPA under your master's program to show your "improvement" over time.

When interviewing for an average firm I think it's okay to leave off the GPA once you have over 5+ years of work experience.

 

Some places will care, some won't. Does your UG GPA matter abstractly? No. Common sense dictates that if GPA is going to be used to gauge your intelligence then a higher GPA in a masters means more than UG.

Any place asking for SAT scores from a college graduate is a joke. They are doing it to weed people put for whatever reason.

 

From what I heard, the undergraduate GPA actually matters more than your masters. Master's programs differ widely - some require few courses with a lot of research, some are simply all courses, etc. Undergraduate degree programs at the top schools tend to be structured pretty similarly - certain number of credits, types of classes, etc. and provide a more uniform projection. Is that fair? Probably not.

Have fun at Georgia Tech - try the Varsity.

 

Since you are going to apply for Jop opportunities while not having a lot of graduate grades yet, your undergraduate GPA will of course matter a lot still.

 
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