How long do you want to work in IB for?

The core competencies needed are all in the first two years assuming you go to a technically focused group and can get good reps. (I would say good is working on ~5 sell sides and buy side from beginning to end - whether they close or not) + a variety of strategic finance assignments (competitor analysis, operating model and kpi analysis etc, carve out experience is great too). As an associate you are doing more of the same + you actually own the analysis and are responsible for communicating more, however strong senior analysts often already do this very well to the point of not needing an associate unless there is an extremely large volume of work).

You should have the following down before deciding if you want to apply this skill set to other roles (PE, corp dev) - 3 statement modeling. Not that baby shit from the guides but a true client ready operating model, cover the various verticals in your sector (For tech you need to know how to build a software operating model and all the nitty gritty, advertising models, marketplace models etc.). Valuation exercises (know how to essentially pitch the value of a public business, how to pick their comps do a quick and dirty DCF / LBO / acc dil model and how to tell the story using research and news). Know how to run diligence, know the right questions to ask in detail / how to answer them with analysis if you are being asked for your own company, process management including interactions with 3rd party advisors etc.

All of the above assumes you are technically sound with advanced accounting (for example knowing how to model and value deferred taxes / NOL balances) but if you feel uncomfortable doing the above I think there is value in completing your analyst stint. The risk of leaving too early although it was encouraged during the bubble - is that when you move on to the next gig and are expected to crank out these analysis with VERY LIMITED, if any review in a manner that’s presentable to the c-suite and board of directors - you find that you’re not actually capable of thinking through these questions alone. There is a ton of shit shoveling in IB, much of the work is pretty pointless and disappears into thin air but you still get those reps, those numbers although never being used - were surely scrutinized to be correct anyway, that is still where you learn to do the crap in your sleep.

If you go to a top tier EB you should get reps like this that will serve you well.