I've spent time at a very large and well known hedge fund and I also have family at JS.
Regardless of what the individual you responded to thinks.. Firms like this have very difficult interview processes. They are looking for something "Special" and this excludes the vast majority of applications.
I took a taxi to my interview, and the taxi driver himself told me he drives many people to the location for interviews, and drives a lot of unhappy people back (failed the interview).
It should tell you something when even a local taxi driver knows how difficult it is to get into these places.
I will try to answer your questions as well:
1) I did support work when i was at "hedge fund" - They want people who can think outside the box and be a culture fit. their culture is well known, and you either fit in or you don't. There is no "faking it".
They generally hire fresh grades from ivy league schools. This way they can indoctrinate the culture. This is not always the case, but probably 70% of their employees were done this way.
2) Many of my former coworkers are now CEO's, COO's etc. Besides the money the culture encourages you to push past your limits and grow. One guy was a developer, he's now the CIO for an international makeup company..
At the firm I worked at, it did not matter what your role was. If you wanted to change groups, you would be given a fair chance to take the tests. if you passed, you were in the new role. The tests were INTENSE... but many "techs" moved to business roles over the years.