2 Cycles of Springs vs 2 Cycles of Summers?

Based on the WSO Dataset, it's generally more beneficial to opt for summer internships if you're aiming for a robust experience in investment banking or similar fields. Here’s why:

1. Duration and Depth: Summer internships typically last around 10 weeks, which is considerably longer than most spring weeks. This extended period allows for a more in-depth experience and understanding of the day-to-day operations within a bank.

2. Project Involvement: During a summer internship, there's a higher likelihood of being involved in longer-term projects. This can provide more meaningful work experience and a better opportunity to make a significant impact.

3. Networking Opportunities: With more time spent at the firm, you have more opportunities to network with professionals at various levels. This can be crucial for securing future opportunities or a return offer.

4. Learning Curve: The longer duration of summer internships also means you can go beyond the basics and potentially get involved in more complex tasks once you've grasped the initial learning curve.

5. Conversion to Full-Time Offers: Summer internships often have a higher conversion rate to full-time offers compared to spring weeks. Firms invest significant resources in training summer interns, making them more likely to offer full-time positions to those who perform well.

While spring weeks are a fantastic way to get a taste of the industry and are crucial, especially in the UK market, for making initial connections and securing subsequent summer internships, two cycles of summer internships generally provide a more substantial and beneficial experience if your goal is to deepen your expertise and secure a position post-graduation.

Sources: My (successful) experience with on-cycle this year, Did on cycle just start?, https://www.wallstreetoasis.com/forum/investment-banking/investment-banking-in-the-uk-an-overview?customgpt=1, 20 Most Frequently Asked Questions - London Edition, My Four Year Plan