Sq D did the study . They were the ones that said the breakers now weren't rated for the available fault current at the switchgear .
Your OP refered to an "arc flash" study which mean sorting competely different to those of us who are familiar with industry. The term was misleading. From your description though it like we guessed that you were really referring to available fault current as compared to the KAIC ratings of the OCPDs.
Basically most should be able to find the worst possible case senario fault current availability are the device entrance by knowing the kva of the transformer based upon an unlimited fault current available at the primary of the transformer. You can get that figurre
If that figue is greater than the service entrance you know you are in deep dodo.
Then you must consider the next higher rated device in then the down sream devices.
If you are still in trouble with the next higher rated device but close it is at that you can get a professional to o a fault system study that would consider what he actual fault current avsilability is at he primary and then consider they fault current is based upon the cable from the transformer world o he device entrance. Such a study is only worth taking the time and expense in doing if here is a need to calculate the actual available fault current.
Then after replacing the main breaker you must evaluate all down stream devices for coordination. If you are blessed you may be we to series rate the down stream devices. Otherwise you will. Have to replace those device to be fully rated or continue. Your coordination study is also to include he down stream devices to see if you are trouble with those OCPDs or not.