How can you even recruit for a FT position if 95% of FT recruiting is complete before your program even starts?
Also, if post senior year and pre-MSF you want apply for a SA stint, it would be very sketchy because you dont even know if you are accepted until like November/December of senior year, when most SA recruiting is complete. Essentially, you are a senior applying for SA with no guarantee of admission to an MSF. Another big fault with these programs is that a lot of them start in late summer also. So how could you do a pre-msf internship if you have to be in class?
I think 5 years ago when banks werent doing FT recruiting in summer and it was still early fall it would make sense. Nowadays, whats the point?