The point is to get strong experience your junior summer -- even if it is not a consulting position, the stronger the brand name the better positioned you will be for full time. Places like Bain and AT Kearney look favorably upon any experience at JPMorgan, Credit Suisse, other banks as well as industry roles at Google and the like. Those positions are still open for applications so definitely apply there ASAP. The more private sector experiences you have on your resume, the less hesitation recruiters will have about a good (albeit not stellar) GPA.
2. How much more competitive are the junior internships for MBB than landing the full time positions?
McKinsey takes a handful, usually less than 8, for the larger offices. By contrast, for full time, they have around 30 BAs in those offices.
Bain and BCG take from 2-10 interns an office. By contrast, Bain has 25-30 ACs in the larger offices for full time. At BCG, the numbers are slightly less.
This goes to show that it is VERY difficult to land internship positions as summers, but the prospects for full time undergrad recruiting are easier (though comparably to finance still difficult).
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