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The absolute ranking of each school is not informative, in my opinion. It varies from year to year, magazine to magazine. Instead, I will look which tier the school belongs to. For instance, M7 schools (H/S/W/K/Chi/Columbia/MIT) are consistenly clustered in top 10 in most rankings, though you may see a school ranks #4 in one magazine but #8 in the other one. I'll bet recruiters don't know if school X ranks #10 in BW and #7 in USNews. If he's experienced, he already knows which tier the school belongs.
GMAT/GPA will still matter in recruiting for IB and consulting jobs. Recruiters will ask for GMAT and GPA at least as a data point. This doesn't mean a 2.8 GPA will automatically shut anyone out of his dream job at McK. But when all things are considered, it still matters.
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