The need for an MBA?

Why do PE shops force associates without mba's to leave for graduate school? If you land a spot after 2 years in banking and do well, why do you need to leave the industry for 2 years? What do you all see as the Pros and Cons?

I cannot see why one would leave the industry to get an MBA. Please share your thoughts as I could really use some perspective. What could you possibly learn in an MBA program, that you cannot learn in the real world?

Thanks for your thoughts, and if this topic has already been covered, please post the link as I was unable to find it.

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