Some analysts, usually a select group, are invited to stay on for a third year. During the first year recruiting process, former analysts will be at an advantage over people without industry experience. Do not put too much emphasis on this. Former analysts should not take the summer internship search lightly. Non-analysts should not become discouraged when the analysts end up on preliminary dinner schedules and closed lists.
Former analysts can provide valuable insights to the personalities of the various firms.
This is the starting point for MBAs. You will typically be in this position for FOUR years, except for a few smaller firms where it may be three. Duties will include some grunt work, heavy valuation work, primary transaction and logistic responsibilities, helping with existing accounts, etc. A successful associate will be promoted to Vice President within four years. In this position, you will start to be concerned with bringing in business.