MBA admissions for Associate promotion

My understanding is that those who intend to have a career in investment banking will get an MBA after a 2 year stint as an analyst and then return to their firm as an associate.

That being said, what would become of an excellent analyst that doesn't have the gpa, GMAT, or extracurriculars for admission to an m7? From what I've heard, MBAs that aren't m7 aren't worth it. Do the BBs have enough pull to get someone with less than a 3.65 ivy undergrad into HBS or Wharton grad? Are direct promotes to associate common?

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