. - Rankings for firms

very few banks truly care about II anymore. institutional investor has become much more of a beauty contest, whereas most banks care a lot more about client votes, greenwich poll and the like, all of which are much more telling about how much revenue is actually being derived. MS actually plummeted in the II ranks last year but that's because the general business strategy there was to focus more on generating revenue from clients that were actually willing to pay, rather than the ones who just cared about casting II votes (since that doesn't necessarily translate to $$). GS hasn't particularly cared about II for a while now. lehman was #1 in the II polls last year for the fourth year in a row (or something like that) yet they've taken a similar stance as well. II ranks are really a thing of the past now that the research business model has changed so much.

you would have good exit opportunities at either firm. yes, there was a major restructuring at MS last march, but that also opened up the opportunity for a lot of young associates to become coverage analysts, and comp was very strong in the winter because there were fewer md's around to eat the big slices of the pie.

i think you should go with the one where you feel like you'd be a better fit for the culture. so much of your individual experience really depends on your team itself and the coverage universe, and that can vary a lot even within the firm. however, you're more likely to make a good decision if you stick with people of your same ilk and both MS and GS have strong cultures. you'll be fine either way and since it's a summer internship, you really can't go wrong.

btw, i've worked in research, and may even have worked at one or both of the firms you mentioned. without betraying my identity, i figured i'd put that out there just so you know there's some basis for my opinions. best of luck. you're in a good spot