Summer Internship Vs Graduate Schemes Vs Off Cycle

Going into my third year of university. Doing a Summer internship at a prestigious MM in coverage but want to go to an EB or a BB into a product team. Should I apply summers, grads or an off cycle. I want to do summers bc the quality of candidates would be less qualified due to less experience given I am doing a summer but I don't want my offer to be rescinded given I am not a penultimate year student.

Again is applying for summers as a third year okay, are shops v strict?

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