Which is more important?

I can only answer based on myself- My bank tend to care a lot on our GPA and SAT scores. But what scores really do is make networking a lot easier - the chance of me answering your e-mail or meeting for coffee is just higher if you have a high gpa and/or go to a target school. The less of a target, the higher your GPA needs to be for me to see you as a potential candidate and therefore spend the time to network with you. I don’t have a formula but from a target I don’t think anything above 3.7 matters, from a no name I would probably like to see close to 4.0. That being said I have dinged plenty of targets above 3.7 because they don’t have their technicals under control. I know very few Ivy’s have business schools and they rarely take finance early enough for recruiting if they do - but that is a handicap targets needs to breach. Regarding extracurriculars - i just want to see an interest in finance, you don’t need to be in every club but some prior interest is important. I would rather see a 3.8 with one finance club or similar thing than a 3.6 with every experience known to man. Above 3.8 I start looking more at extracurriculars rather than gpa especially if you are at a target/semi target school.