Prep for on–cycle or take GMAT?

I've heard that many seniors are about to begin prepping for PE on-cycle (with courses like peak frameworks / WSO) or are prepping to take the GMAT to get it out of the way. I am an incoming IB analyst at a MM bank and am curious which I should dedicate some free time to over the next few months.

My current thought process is that my PE exit ops are in the MM where most firms don't require an MBA for the VP promote from my understanding, and it seems most recruiting at MBA programs is for consulting / IB, which I'll already be in. So it seems to me that taking the GMAT might be a waste and that I should grind PE prep starting in the new year.

Anyone have any advice here? Am I underestimating the importance of an MBA degree?

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