Can a masters make up for subpar grades?

I go to a target school (think HYPS) but due to the high amount of known grade deflation and a few fuck ups at my school I ended up with a 2.8-3.0 GPA. Therefore, I didn't even bother applying to BB/EB. And now I'm stuck with a t2 SA (Nomura, Jeffries, HSBC, Macquairie).

Will a masters (with a good GPA) make up for my bad grades? Or does undergrad GPA also play a role when applying for a SA?

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