Can you actually recruit for SA as a full-time analyst?

Addressing recent overkill environment among candidates, who have a plethora of internships + Master's degree, I wonder if they are even eligible. And what about the following situation:

Most SA programs require from candidates to be in their penultimate year. What about candidates, who have 1-2 years of full-time experience in IB? Are they eligible for SA, if they decided to pursue MSc and consequently are in their penultimate year?

Feel free to share your thoughts!

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