Lost - What strategy to adopt now?

Hi all, 

I am a final-year Master's student in France at a semi-target school, enrolled in the Programme Grande École for those familiar with it. In this type of program, we are required to complete 3 six-month internships, and ideally, if everything goes well, we aim to convert our final internship into a full-time position. 

However, despite having secured some decent internships, I haven't been able to land my final-year internship in investment banking. Here are my past internships so far:

• Jan 23 - Jun 23 : Investment Banking analyst intern, French large cap Coverage, MM french bank
• July 23 - Dec 23 : M&A analyst intern in a small boutique in Paris, Buy-Side, small cap
• July 25 - Dec 25 : Incoming M&A analyst intern, decent boutique in Paris (c. 20 deals/year), small and mid cap

My goal is clear: I want to return to IB, but securing a full-time position directly in January 2026 in a bank seems quite challenging with my current CV. So, I'm considering doing a fourth internship, this time in London, since I will no longer be eligible for a university internship agreement, or possibly joining a graduate program or even a V.I.E. The problem is that none of these options seem easily attainable. 

I know that my CV and cover letter are solid—I had them reviewed by several contacts working in BBs. I'm getting comfortable with technical questions and rarely struggle in interviews (not trying to be cocky here, maybe I was just lucky). I also networked for my last internship. But despite all that, it wasn’t enough for me to land a spot in a bank. I only got interview processes at boutiques, and whereas I had passed screenings for ECM or DCM roles in banks for my second internship, this time, I didn’t get anything.

I'm therefore looking for advice on the strategy I should adopt because, to be honest, I'm starting to feel a bit lost. I know I must be doing something wrong or maybe I am not doing enough, I lack the perspective to identify where the problem lies and I'm looking for guidance. 

Any advice or feedback is welcome, and I thank you in advance.