I think your friend was referring to business majors. a 3.5 at most finance programs is achievable with hard work and almost no innate intellectual gifts. Conversely a relatively smart person can get a 3.5 without attending lectures or doing much work.

If you are an engineer it's very difficult to explain in parallel terms. The running joke at my school was that failed engineers drop out and become straight-A accountants.

Sorry if I offended any business majors (I am one), but the truth is the truth:)