Associate Question

College student here. I have a question about the exit opportunities for IBD associates.

It seems like the opportunities after an analyst stint are plentiful, but once you are in at the associate level exits are much more difficult. Why is this? Do buy side firms want to train you in their own methods or are you seen as too expensive to hire at this point? Associates should theoretically have the same skill set as analysts.

Regardless, for me this is most likely moot as I am interested in S&T. Just a question for the sake of knowing.

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