Blackstone Analysts

I was wondering something and I figured someone on here would probably know the answer:

If you get hired to Blackstone PE out of ugrad I've read its a "3-year" contract--I assume that means it's a 3 year program.

What I am wondering is if lets say you have two people who graduate at the same time--one goes to BB IBD and the other to BX PE as an analyst.

after 2 years the BB IBD guy makes the transition to BX as a pre-MBA associate, is the BX PE analyst now a pre-MBA associate also? Does that mean that both people are at the same level.

I am wondering if its a 3-year program that after the 3 years are you expected to do your MBA or do you stay on 4 years than do your MBA in typical IB fashion?

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