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Can't speak to the IB process but having just gone through FT recruiting for consulting, I think the best thing you can do for yourself is keep your calm and come into your next interviews with a ton of confidence. You've clearly done the prep and prepared well, just rely on the work you've done, believe in yourself, and execute. You got it

One of the best things you can do is start reaching out to regional boutiques and any other regional firms that provide similar services aswell.  

If all else fails then you can opt to not enroll in classes next semester (if your university allows for that), take on an internship during the semester in something related, and recruit for SA positions at the start of the cycle next year.

You'll be more prepared than most other students and you'll likely place early in the cycle. Line up anything else that's related (boutique IB or PE shop for example) for next summer, then you just coast until your 2023 SA position. 

I've seen people go from Equity Research internships to banking full time and ER full time to banking full time so that may be an avenue worth exploring, esp if you can get into a BB/EB for it it'll make FT recruiting a lot easier w that brand name on your resume

Hey man - PM me. Landed MM IB in spring 2020 before SA 2020 at a reputable firm (Stifel tier) in a capital markets group and am now at a top tier boutique.

You've gotten some good advice here. You still have a decent pipeline so don't get too desperate - it shows in interviews, keep your confidence up. Regional boutiques are next up, I'm sure there is a list somewhere on here. I'd do that over a different sector. IB experience is valued more than anything else even if from a no-name shop, and you still have a great chance at FT recruiting. On that note, focus on SA for now but start making a plan for FT as soon as you've landed an internship. Research the timelines on here, it is all basically done in Aug/early Sept so you need to be networking all summer for it.

Finally, considering how late to the game you were (sounds like you really didn't get started until like 6 weeks ago) you're doing quite well. I had people in my inbox a full year ago reaching out for SA 2022 who still haven't landed anything. Keep your head up.

Where are you based?

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Keep grinding man, keep networking and prepping. Had several SD's before my first offer, honestly takes some luck. You work hard enough, it'll come. Also non-target, big state school.

I’m in a similar boat except I didn’t decide to do banking until the summer before I graduated (December 2021 graduation) I’ve landed a couple phone screens and a superday (they rescinded my opportunity to have the superday tho) have an offer for B4 audit and am trying to pivot to Deals ASAP at this point.

Had a similar experience, except the nightmare you’re worried about ended up being my reality lmao. I come from a state school, grinded for a solid SA role, but ultimately fell short on all the banks I wanted. It was pretty soul-crushing honestly, and I went through a really tough time mentally trying to pick myself up thereafter. I ended up getting my shit together and going the regional boutique route for my Junior summer, then networked that entire internship for FT roles and finally landed a MM shop I’m extremely happy to have. In summary, you should try not to find yourself in that position if you can help it. It’s tough now, but keep faith in the process (interview prep, cold email drops, networking, etc.) and it will come. You’re in a better position now, though, then I ever was at that time.

I know for a fact that HSBC is still recruiting for interns for IB

Keep grinding mate, keep out for any opportunities and keep applying.

I was in your shoes also, pretty dark times, somehow managed to land EB gig in the end.

Honestly, I would start by having a more optimistic look at your recruiting process. You sound like you have a strong resume and I wouldn't worry about struggling to land a regional IB role if it comes down to that. Looking at where you are now, you are in a much better spot than most kids out there. During my SA 2021 recruiting I only made it to one super-day out of 7 interviews processes I was selected for (I'm also at a nontarget). The SD was at a BB and that was the offer I got. It only takes one good interview process and all you really need is one offer. Right now it sounds like you have a pipeline of 5 potential interview processes and did well at 2 of them. That's more than a lot of people ever have during their recruiting cycle, especially from a nontarget. The next piece of advice I would give is to try to learn from past interviews, I know you feel like you crushed the upper MM interviews but there must be some takeaway that could make you a stronger candidate in the future.

tldr: Focus on what you got going on, if that fails get back on networking for regional IB roles.