resolved

First of all, it doesn’t matter in the long run. If you do the networking and spin your story properly, either GS or Strategy job will be good enough to get a SA offer. In terms of differentiability, a majority of kids do local IB/PE internships and talk about that experience so that Strategy role, it seems, wont be so different than what everyone else is already doing. No one will be able to tell the hoops you jumped through to get there, because they will be unfamiliar with the recruiting process and standards of that firm. For these reasons, Id say having the GS internship is much better because of obvious reasons in prestige etc. If you’re really worried about having to explain two semesters in PWM, leave your first internship off and put in the investment clubs you’re in etc.

Framing and telling your story correctly, and learning how, is much more important than whether you do the Strat or GS role. But take the GS role and talk about how you were able to learn about IBD Industry through talking with actual ppl working there, etc. while having a vague idea of what it was you weren’t sure what it was. You talked with actual IBD analysts and got to see xyz abc and that’s why you’re applying. Similar story with the strat but the internship itself is comparable to what most have anyway.