Off-cycle vs summer internships in IBD


Hey guys

I just had a question I was hoping someone could answer.

My situation is that I am a recent University graduate and am on a gap year, but will be doing a Masters programme in Autumn 2010. I want to apply for IBD internships but I am not sure whether to apply for off-cycle or for summer internships.

I would much rather do an off-cycle one (for 3 months over Christmas) to get some work ASAP, but I wanted to ask…is it harder to get an off-cycle than a summer place? If this is the case, I might apply to for standard summer places instead, cos I would much rather have a summer internship than none at all. I kind of think it might be easier to get a summer place because they have a set programme for interns then, whereas on an off-cycle one you would have to be an outstanding candidate to off-set the fact that your presence there at the firm is a bit random.

Any thoughts? Would be much appreciated!