MF Liquid Credit SA / Analyst Programs

Interested to hear what people's thoughts are on these programs - especially because they're so new and there isn't much data on exits / career outcomes. To be specific, referring to liquid credit groups that focus on leveraged loans / high yield bonds (BX, KKR, Ares) as opposed to investing deep in cap structure (programs like BCC which obviously are spoken for).

Guess my question is what people view as the merits of such a role. To me, seems like if you want to do public markets investing (hedge funds, LO), this would be a better place to start than most banking programs since you'll have two years of thinking like an investor (analyzing earnings, talking to management, etc.) and plenty of practice modeling. Obviously, the downside is that you usually don't get a ton of experience deep in the cap structure or in distressed sits, but it still seems better than most banking programs (again if you want to do public markets) where you might not touch a model / think critically.

Full disclosure, sophomore in the process for one of these SA programs and weighing my options.