<p>The purpose of an IBanking summer internship is not to gain valuable experience and have fun living in NY while making enough money to pay your expenses during senior year (even if that’s the students goal). The purpose on an Ibanking internship as far as the bank is concerned is to cherry pick the entry level class for next years hires. So if the kid in question did well over the summer, he’d go back to campus with an offer in hand and an expectation that by October/November he’d be ready to accept that offer.</p>
<p>It would be foolish of MIT to support a kid’s fellowship application for the coming academic year if that kid had alreaady committed to a June or July start date for a full time job. Either the kid reneges on his commitment to JP Morgan if he gets a fellowship, or the school is wasting a sponsorship on a kid who couldn’t possibly accept since he’d already accepted a full time job offer.</p>
<p>OK? Has nothing to do with the perceived noteworthiness of one type of internship over another- just the reality (which is quite transparent) that a kid can’t both be at Oxford and NYC at the same time.</p>
<p>The underbelly to this is that if the kid messed up at JP Morgan and didn’t get an offer, he would of course be free to pursue a fellowship. How badly the mess up would be and how much disclosure would be involved to an interview committee for the Rhodes is beyond my area of expertise!</p>