I'm going to have to disagree, yea its important for a MBA (which are a dime a dozen now and unless you go to a top tear school any way, don't mean a thing, same for a MA not as strict with a top tear though), but its all about WHO YOU KNOW and HOW YOUR CONDUCT YOUR SELF, and EXPERIENCE EXPERIENCE EXPERIENCE.   see how i cap'ed that and repeated it for added importance.
many jobs you need to put your gpa if your applying  and so on, but its all about how you conduct your self.  If you have a few years of experience and killed it at youre last job, and know youre shit, confident, and can carry a conversation with management that's much more important what number you got on a paper in college.
Also, people have the wrong perception on an MBA,  I'm currently debating weather to get an MBA or MA in finance/accounting/ or quantitative analytical modeling.  Like i said a MBA from the university of phoenix online densest mean shit its just paper, everyone I've spoken to says until its a top tier or right below school it doesn't mean much.  Also most of the better programs want at least 4-5 years of experience as well as management experience.  So you're not looking at an appropriate MBA until your 27-31. At that point you will have experience, if you have a good GMAT score and go talk to admissions and kill an interview, I bet they will take you over a person with no experience, a  4.0, and who cant carry a conversation.
MA is good because it should your have better understanding knowledge of the subject you work in.  However if you're planing on getting an MBA its an additional 2 years of schooling to deal with?  Thats my predicament.  Id be right around 26 working full time and taking part time MA classes.  For the next 3 year it would really help my job and possible carier.  But then I could be out of school and if i wanted my MBA have to start in another year right away? if you catch my drift.
Back to grades, know what you're doing, understand the subjects, work hard, network (as corny as it sounds), Get experience even if you have to work an unpaid internship, present your self well (basically self-branding) and you will be ok regardless of grades.