How to tell a company I’ll have to finish my internship with them early to take another offer?

Hey there everyone. Hope you are having a nice day.

I’m fortunate enough to have a tough situation on my hands:

Two weeks ago I started my internship at a Global Fortune 500 strategy division, the very same day I received the good news that I was accepted as an intern at a T2 (OW/S&/K) and was asked if I could start mid-January. The problem is that my first contract with the F500 firm ends on late February, and it was pretty implicit that I would continue through the semester (Manager and HR commented that we would find a schedule that fits my classes next semester).

I did try to negotiate with the consulting firm to try to have a summer internship, but they have been having work like crazy, and want me to start as soon as possible.

I’m in a tough spot because the people at the F500 are truly nice, the team has been actively involved in welcoming me, the job actually carries a considerable amount of responsibility, I’m learning a lot, my deliverables are seen by quite a decent amount of people, etc. It’s got pretty much everything you could ask from a corporate internship. Comp is pretty meh, but it thankfully isn’t a big deal right now.

Of course, there’s no decision to be made here. There’s no scenario where I don’t just take the consulting offer. Consulting has been my goal since I found out about it, and I’ve worked almost all year towards it like crazy. I'm not going to jeopardize the offer to avoid breaking some hearts.

I’m mainly asking for tips on how to break it to the company. They are all expecting me to be the winter and the whole semester with them, and everything is being handled as such.

I know I got to give them a heads-up, since the process for this specific position was lengthier and more competitive than others. There’s obviously no waitlist or any candidates applying in January. I’ve thought about telling them right now, but I’m barely 2 weeks in, and I just feel it will make me look shittier. I feel like I would antagonize the team for the rest of the internship.

There’s no position where I don’t end up looking like an opportunist or like they were my plan B (I mean...they kinda were, in a sense). I understand that I got to look out for myself, so I told the consulting firm that I accepted and that I would handle things with my current company.

I was thinking about letting them know in early January, about one month before I leave. What are everybody's thoughts on this? Is telling them right now the right call?

Anyone has been in a similar situation?

Thanks in advance.

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