I am getting a Ph.D degree in Finance and I can tell you that GPA counts a lot. The admission criteria is a combination of factors but GPA is one of the most important factors. I came into this program with a solid GPA,solid GRE,prestigious internships and solid recommendations from my professors and mentors. Also, my admission process included a face to face interview with the admission committee members. They tested my knowledge based on the resume I had given them and my bachelors coursework. The interview was comprehensive and I could not just give them vague answers. Slightly less imp. is where you did your Bachelors/Masters.The admission process is very competitive and you should study the admission process for the universities you have chosen. Also, it really helps to apply early. Good luck