At least the school my fiancée is currently attending (Kellogg) is decidedly not stuffed with people 2-3 years in investment banking. A lot of people here are exactly the same graduating class (2011) because of the almost mandatory 5 years. There are exceptions, but a large portion of the people I've met during these past two years are exactly my fiancée's age.
The skewed distribution of grad students who have reached the minimum requirement of job experience suggests, to me, that they are there primarily to advance their careers through credentialing, and not because of the knowledge a Kellogg MBA imparts. Is there really a substantive difference between a school stuffed with 2-3 years out of undergrad, and one stuffed with students 5 years out? I doubt it.
A large part of the Kellogg "experience" is what the other students bring into the classroom. 2 years may not seem like a lot, but it's a world of difference apparently in what stories/examples students can provide one another for the concepts being taught in class.
I don't have a direct understanding of any of this, but that's how my fiancée and our friends explain it when I ask. Take that for what you will!
