Business School Timing

I was curious about the timing of business school admissions as it relates to an analyst stint. For example, I am entering a 2 year program at a large bank in NYC, where there is a chance of getting promoted to associate but most end up going to B school afterwards. Anyone have experience or know about when an investment bank usually informs analysts of whether they stay or not? I am under the impression that during the second year fall I will apply to B schools and I will have to accept where I am going in early spring. Do the banks let analysts know before then? Or do you accept schools then have to turn them down if you get promoted. In S&T btw if that makes a difference.

Appreciate any light that people have to shed on the timing of these things. Thanks!

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