No. According to research carried out by Thomas Harrell of Stanford (as referenced in Never Eat Alone), the GPA of MBAs had no bearing on success. So what predicted success?
Verbal Fluency. Those who could use language successfully with others (i.e. they would not only make conversation with everyone, but they would also do it well).
I won’t offer too much commentary, except to say that rarely in college or grad school did I think about anything but my academic standing. Now, at 32, I am starting to focus on things like communication, speaking, success, etc, whereas in my 20s, I just kind of assumed with a high GPA and a Master’s degree employers would be throwing themselves at me (I am exaggerating of course, but I really didn’t give much thought to the importance of interpersonal skills in getting ahead). Fortunately I was born with good people skills, but honing them lately has been paying off like crazy, even if it is changing my desired career trajectory!