Designing own internship

I'm contemplating applying to a number of smaller shops that hire off-cycle. Sadly (or fortunately, depending on how one views it) these shops don't have structured internship programs. Would it be possible to design my own internship, or am I getting a little ahead of myself?

I guess this comes down to the answers to the following questions

1) What new skills do most summer analysts obtain through their ibanking internships? I'm guessing financial modeling is clearly one of them, but how good are they at it by the end of their summer stint? Is this something that can be self taught?

2) Aside from a potential pool of trained applicants for full time recruiting, what do banks get out of having summer analysts? Nothing?

3) What would you want to learn from a summer analyst internship; what would make it a "successful" internship (aside from nabbing a FT offer).

Thanks,

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