Spring Internship (overqualified)?

Hi guys,

Thanks for reading this and potentially helping out. I have applied for some spring internships in investment management, but has unfortunately been unsuccessful in all my applications.

I have already done 3 investment and wealth management internships, and am also working at one now besides studying. I have absolutely top grades and my numerical skills are strong (to make sure that I have done well on the numerical tests).

I am of course very disappointed that all places have rejected me, but one of my friends got accepted, even though he has less experience and similar grades (yeah I know, it utterly sucks, and I feel like shit). I have been wondering my arse of if it could be that I am - with over 1 year of experience already even though being a freshman - actually overqualified. It is seriously the only reason I can think of. My cover letter is strong, and my CV too (despite being 2 pages in order to include my languages and scholarships together with relevant work experience). Furthermore, in the description of the spring internships, it states that it aims to give an insight into what it is like working at a specific division, so maybe they think I would not benefit from it?

If someone could please help it would be much appreciated. Thank you :)