<p>You’ve got a number of questions here, but taking a quick cut at it:</p>
<ol>
<li><p>The moves from analyst to MD do not require an MBA by any means, but it is also a long path to take and one that often involves layoffs, bank changes, being passed up for opportunities, etc - moving from analyst to VP is one thing - to go from analyst up to MD is tough given the rate of turnover, movement between banks, cyclicality of the business and so forth. That said, it can happen (as needed) and the moves from analyst to VP and D definitely happen.</p></li>
<li><p>Even though the progression can happen, it isn’t one of those things where everyone wants to do it and just doesn’t get picked - most people use IB as not necessarily a stepping stone, but definitely a means of reaching an end, not an end in itself. Post analyst, associate and even senior banker roles are in PE, HF, VC, buyside (not only investment, but also private companies), boutiques, F500 and so forth. Many people just don’t want to deal with the hours, the stress, the NEED for new business - since remember, IB is a sales position at the end of the day, and working for a BB (bulge bracket) bank means you need to constantly be selling and showing the bank that you are worth the bonus and worth a cube or office on the floor. Even senior bankers work long hours and although they aren’t at their desks for 12,15+ hours, they are often on the road visiting clients, pitching, etc. </p></li>
<li><p>At the end of the day, it is really a personal call. If you like the sell-side, IB-side of the business and many people do, then you will want to stick it out, or possibly pursue an MBA and then get back in to move to a stronger bank, new group, fresh start, etc. If, however, you aren’t passionate about IB and just want to put in the time, gain the experience and move on, then becoming a senior banker will definitely not be for you - move to buyside, in some form, and enjoy. You’re just entering undergrad though, so you’ve got plenty of time - take the time, do some internships, etc, and then begin to form your decisions.</p></li>
</ol>