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Most are not partner track/there is no defined avenue to success. People move funds to promote up. It's notoriously difficult to advance in venture especially at the junior level. Here's a sample path:
2 Years of IB/CO/Startup 2 Years Analyst/Associate (might get asked to stay for longer) 2 Years bschool 2 Years Startup in product 3 Years principal Partner or another partner
Uncommon. But really depends on how meritocratic the VC is. The best do not care - if you consistently make it rain, you'll make partner because you'll end up making the partnership windfall after windfall.
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