LMM PE Analyst 2 yr program

I currently work in an M&A related role, not IB. I'm interested in MM PE in the long term.

I am in the process of lining up a superday for this 2 yr LMM PE analyst program, which is 100% a non-promotion deal.

1) Do PE analysts go back to IB (associate?) in order to move upstream to larger PE funds?

2) Do I just try to lateral from a LMM PE fund at the end of the 2 years to another fund of similar size for an associate promote?

3) Business school? Gulp

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