HF Exit Opp - Is Business School needed?

Hey guys,

So typically for doing PE after 2 years of IB, you do 2 years and then go to B-school if you want to continue along the PE track (except for the rare VP promote). What about for hedge funds?

If you move to HF after 2 years in IB (let's say Greenlight, Bridgewater), can you only stay 2 years before you have to go to B-school and recruit again? Or can you just stay along the track (assuming you are a good analyst) to PM unlike in PE where you almost always need to return to school?