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Based on the most helpful WSO content, off-cycle internships are more accommodating of students who have already graduated. They are geared towards individuals with relevant experience and can convert straight into full-time roles, provided you perform well and business needs are there.

However, it's important to note that off-cycle interviews can be slightly more difficult as they skew towards people with relevant experience already, and there are usually a smaller number of spots available.

As for your specific situation, starting a master's programme in late 2024, it might be a bit tricky. The recruitment periods for off-cycles at BB in London typically start from January of the same year. So, if you're planning to start your master's in September/November 2024, you might want to consider applying for the off-cycle internships at the beginning of 2024 or even earlier.

Remember, the key is to ensure your technical skills are nailed down and you're ready to showcase your relevant experience. Good luck!

Sources: https://www.wallstreetoasis.com/forum/job-search/ibd-sa-after-graduation?customgpt=1, International Student - Chance of getting an IBD internship in London?, London Off-Cycle 2024, Off-cycle internship deadlines for Europe