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To some degree, GMAT shows your basic math and verbal abilities. GPA shows your dedication to academics. Having a low GPA could mean you did not try hard enough or had a hard time handling your curriculum. I don't know if they dig into course level- but if you are a business major and performed poorly in accounting, finance, statistics, calculus, and economics can't be good for schools like MIT, Wharton and Chicago.
GPA is all relative too. It is inflated at some schools ( at Michigan's undergrad business school you can have a GPA of over 4.0). MIT's undergrad is based on a 5.0 scale, so it's relatively harder to compare it to a 4.0 system. A 3.8 from my US university can graduate cum laude (top 5%). A 3.5 is probably top 15%. However a converted 3.5 GPA could be top 1% in many Chinese universities (please correct me if I am wrong). This is why some MBA applications ask for your class rank (if known).
Saddog is right "International students' gpa is not included when school calculates their average GPA.". i.e. Those 3.4 CBS and 3.5 Wharton averages only count US undergraduates.
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