Maybe a PhD can do the same work as an MBA student (I think that this is true in the most cases), but the question is : does he want to do the work. I think that I-Banks do like employing MBA Students because they have learned to do a lot of numbercrunching and material gathering for lots of case studies, whereas a PhD student maybe has had the specific idea for a theoretical case, and filled it with live. I just want to say that it could be harder to motivate a PhD student to do Excel-Spreadsheets.
I think that this would be the case and not the level of education. (In fact the level of ed.plays the role because a PhD is longer then an MBA, but I don't think that they would take a genius who got his PhD in two years for numercrunching, he would just be bored and doesn't bring good results because of the lack of motivation)
Just my
