How do off cycle internships work?
Off cycle internships are regular internships, lasting typically between 2-6 months. In London, they are labelled "off cycle" in order to avoid confusion with structured summer internship programmes in finance, which typically last no more than 6-10 weeks.
In London, an off cycle internship in Finance typically provides more real-world insights vs. a summer programme, but tends to be harder to come by since there are fewer openings. Both provide roughly equal opportunities for conversion into full-time roles.
In continental Europe, the difference between "off cycle" and "on cycle" does not exist. Ever internship is "off cycle", even in summer. The reason for the difference lies primarily in the difference between the undergraduate education systems.