When people say "Wall Street", often times that term encompasses about 20 different, though related, industries. Accenture/Deloitte/Etc are consulting firms with specialties, generally focuses around accounting and business strategy. Pure investment players (JP Morgan/Bear Stearns/SmithBarney/Etc...) are generally focused on managing other people's money (i.e. mutual funds, pension funds, etc...) or making investment plays into publicly and privately held companies (IPO's, leveraged buyouts, bond offerings, etc...).
Having some experience working in the buy-side and with the sell-side of the investment industry, the Wings of Gold will only help you out with the secretary's skirt. (Of course, the skills required to become a Naval Aviator are transferable to multiple industries and types of jobs, but it seems as though you're asking if the Wings will help get you in the door.)
The MBA will help you more than Wings. The CFA (Chartered Financial Analyst) program will help you even more. Your friends/connections from business school and past employment will help you even more (it is for this reason that a Harvard or Wharton MBA will help you more than a TAMU Kingsville MBA). Your ability to bring in and keep an incredible amount of GREEN will help you even more. Lastly, your ability to sink a 30 foot putt for birdie on your boss's golf team will help you the most.
So, in short, I believe that the consultants you were talking to are incorrect. Unless, of course, their firms are bidding for government contracts:icon_smil . Just my opinions and experience from 5 years of working with "Wall Street". I never worked "on" Wall St. I'm sure other people might have different perspectives.