Post-MBA Buyside ER at long only funds

I am currently in business school and looking at doing a summer internship at a long-only mutual fund as a research analyst. Prior to school, I did banking and PE. I know there are numerous posts concerning this broadly, but am interested in a few aspects specific to my situation: 1) What are the career path options for this role down the road? Obviously PM at this firm would be the goal, but what would my options be otherwise? HF or other Asset Management? 2) Would I have flexibility to go back into PE/etc a few years down the road given my transactional experience? 3) Any insight on pay coming out of b school and then what the upside is down the road would be appreciated.

Any help would be appreciated- I've just recently begun looking at this side of the industry via on campus recruiting and any insights would be quite helpful.

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