Exit Opps from L/O AM?

Ok, so I've been told that doing investment research at a L/O fund is considered an exit opp in and of itself. However, considering that there's such low turnover at the analyst level, what do associates at L/O funds do after their stint if they don't get promoted? I'm guessing most go on to complete MBAs, so what sort of careers would they be looking at when they graduate?

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