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I had a conversation with UCLA about MBA admissions and the two most important factors they look at to weed out candidates are: GMAT + GPA!

I asked about the CFA, hoping that an admissions officer would consider passing all 3 levels and boost my chances of being admitted with a very low GPA! He replied saying "You must have a 3.0 GPA to even be considered, it doesn't matter that you are a Chartered Financial Analyst.

CFA = a small boost if you GPA is >=3.0

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