Are off-cycle regarded the same as summer internships

In my country, our exams are usually between mid-June to the beginning of August. Furthermore, a lot of the subjects in the winter term can only be taken if I have received a passing grade in the summer term.

Therefore I am torn in between doing a summer internship, skip my exams and do one more year of undergrad or finishing undegrad first and then do an off-cycle internship and in the remaining 9 months. study for GMAT, travel or do another internship.

I am personally drawn to the second option, but I have heard that it is really difficult to convert an off-cycle internship and they are generally seen as less prestigious.

Based on your own experience, how do you rate off-cycle internships and what would you recommend me to do? 

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