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From what I've been told, you have to be enrolled as a student for the time AFTER your internship -- meaning that I believe you'd have to take at least another sememster of classes after May, 2021.
I too would be interested in hearing people's thoughts or experiences regarding this approach -- extending school for a semester for the chance to get a better/additional SA internship.
You would have to extend your time at school and stay at least another semester. Any application will ask when you graduate and they're not going to let you do it if you graduate before you start the internship.
BUMP
In the UK a lot of firms allow you to apply for summers in your penultimate OR final year. Have plenty of friends who got summers in final year and are just travelling the world atm.
In the UK you can do it
US: you MUST be in your penultimate to apply for summer internship, which means you need a year in school between the internship and full-time. For summer internship, you can (i) delay graduation or enroll in (ii) joint BA/MA program if your school offers. Besides, you might consider applying off-cycle internships or FTs.
I did this many years back. I deferred graduation to December, took no classes, and already moved into NYC with my boys. took CFA 1 in December, CFA 2 the next June, before starting with my full time gig in July (passed CFA L3 the following June, at age 24). long story short, defer graduation til Dec, it can work
I personally extended my classes an extra semester because I didn’t get a good internship my junior year. Once I realized I wasn’t getting anything that summer, I sat down and thought about my choices. I could face an even steeper uphill battle in FT recruiting where most spots would be filled by returning SAs, possibly take a lesser job and waste one or two years trying to break into IB. Or I could bite the bullet and extend my schooling one more semester and work my ass off for SA recruiting next summer. I chose the latter and ended up with an SA offer at a BB. The drawbacks might be that you are SLIGHTLY behind your peers and you have to pay for another semester, but IMO, they significantly outweigh the alternative and you will be glad you made the choice to extend.
I think the rule at US BB’s about SA having to happen in your penultimate year mostly stems from banks not wanting you to have a year free between your SA stint and FT during which you might take another offer and ditch them. If your intent is to remain committed to that bank should you receive a FT offer, you should go for it.
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