<1 year Analyst deal skills

Does anyone know about situations where a less experienced analyst lands a PE/corp dev/Associate role? For example, 1st year IBD Analyst moving to PE as an analyst. What would the role entail? Is it just mainly pulling numbers together, editing slides, or updating Excel files to make more current?

What do people do when they have never run a deal but then move to PE or corp dev or even as an Assoc. 0 at another shop?

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