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If you want to make O-5 and fly your entire career it can be done. I just made O-5 and have spent only 12 months out of the cockpit. If you do your PME early and get the masters done, I have found the "leadership" will pretty much let you do whatever you want.
Beging good looking and an FSU grad doesn't hurt either..
Also, we have a O-5 with a little over 25 being forced to retire... he wanted to stay in and they said no because he did not do AWC.