Failed Convert vs. Unknown Convert

I’m interested in learning of the difference in someone’s chances at FT recruiting in the following two scenarios.

Option a)

You get an SA position at a top MM or lower to mid BB but you fail to convert that internship to a FT offer and thus are forced to re-recruit for FT.

Option b)

You get a return offer from a small regional boutique bank after your SA stint and want to recruit for BB/EB FT positions.

I’d assume that both tracks are very difficult and I would put the slight edge to option a). But I would enjoy hearing everyone else’s thoughts and potential pros and cons to both paths.