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1- and 2-year reapplication policies typically don't apply to campus recruiting. It is VERY common for students to not get an MBB internship offer and then recruit for full-time 6 months later.
My advice: 1. Get ready 2. Apply now (network or follow the on-campus protocol first) 3. Don't do an MBA just for another shot at MBB. In many (not all) cases, initial recruiting results are a decent indicator of future potential recruiting results.
This happened to me. I totally blew the internship interviews but came back for full-time recruiting the next fall and got the job.
I actually brought this up to the office recruiter recently (said something like "boy I'm glad you guys forgot how badly I did the first time around"), and she told me "oh, we remembered exactly how you did."
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