Fixed Income Associate Exit Opps

I'm a senior in college about to join a major asset manager (think AllianceBernstein, Wellington) as a fixed income associate. I've heard most associates stay for 3 years then go to business school. If I'm not interested in business school, what are the possible exit opportunities? Are there some hedge funds that would be interested? Is the switch to an equity-focused hedge fund out of the question because I'll be evaluating credit? I'm sure there's no shot at PE without ibanking transaction experience, correct? Would the only way to eventually get to PE be b-school to IB to PE?

Greatly appreciate any feedback.

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