Guaranteed internships before college even starts?

My friend who's going to Michigan told me about a few kids who he met at orientation that were guaranteed internships at places like Morgan Stanley. Is this type of stuff normal or is this just a rare case in the IB/finance industry?

 

Depends. I was "guaranteed" a banking internship at JP through a connection before I started college but I fucked up my grades and didn't end up getting it. I was also once the type of person to tell everyone about my "guaranteed" spot. Lesson learned.

Otherwise, I haven't heard of anyone having internships guaranteed unless it's through a close mutual connection.

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