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Luckybucks - first year I'd just focus on being a good analyst and getting some decent transaction experience as well as a decent ranking. I think it helps practising building models from scratch and investing a small amount of money in a stock or two. After 6 months the learning curve will probably start to flatten at which point I'd start thinking about what you actually want to do and why. There are some very interesting distressed debt / hedge fund opportunities in London which could actually suit you better depending on your interests. Once you have figured out what you want to do I'd start prepping - for PE that probably entails the usual suspects in terms of prep guides and practise case studies, as well as paper LBOs. Coincidentally the WSO PE prep guide is actually very good along with the Vault guides and the rest. Once you have done a good amount of prep it's time to start networking and meeting headhunters. I would emphasise that it helps meeting headhunters when you are very prepared as they often will bring you opportunities within a week or two of you meeting them if a lot of processes are going on (generally from Oct - Dec and Jan - Mar, though it's a lot more random than the US). Finally, make sure you get a good amount of practice interviews in - it is very unlikely you will get through the first bunch of processes you go for, so make sure you get rejected from places you don't care about too much.
Most analysts tend to leave within two years, though a lot are still around in year three. I would almost recommend leaving in third year, but the reality is processes come up at quite random points so it is difficult to plan. One thing to consider is whether it is worth going to interview at a place you like in your second year instead of your third year when you will likely be more experienced and prepared - no definitive answer on this obviously but just something to think about as there is a perception that you only get one chance with each firm (not sure how true this is though).
Will answer your other questions in a bit!