What is the value of JD & MBA

How much value doe a law degree add to a Wall Street career - and does it meaningfully help with promotion?

For people with an MBA from a non-IB background, will they normally start as an analyst or associate if they are hired by PE firm?

For PE recruiting, is the MBA requirement really conditional - i.e, is it mainly a workaround for people who skipped IB (came from consulting, industry, non-finance backgrounds), while people who did 2 years of IB analyst can go straight to PE without needing one?

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