For consultants, think about the mechanics of getting accepted to HBS. You need a partner to give you an LOR. That speaks well for your ability to get promoted. These analysts rise without an MBA or leave for other ops.

I think you're referring to a subset of FinServ (i.e. banking) with homogeneous roles aimed at MBAs. Again, if you get into HBS, you're qualified/networked without needing the MBA. The banking cohort isn't as pedigree focused as other niches within FinServ.