What's after IB -> PE -> BSchool?

Everyone talks about the "perfect path" which is something along the lines of IB -> PE -> BSchool. I'm just confused on why the move to BSchool if you already have (presumably 4-5 years of) IB and PE experience. My best guess is BSchool is more for those who want executive positions at F500 companies?

Curious to hear what y'all think

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