If the firm explicitly encouraged you to reapply, I would take that seriously enough to consider another attempt. It still is not a promise of an interview or offer.

Use the consulting reapplication guide to think about what needs to be different before the next process.

Start with the internship feedback. If the issue was communication, structuring, ownership, or consistency, build evidence that those areas improved rather than simply submitting the same profile again.

Also clarify the timing and eligibility with recruiting. A positive invitation to return is useful, but the best reapplication is one where the firm can clearly see why the outcome could be different this time.

I would 100% reapply if they specifically told you to.

Mine said the same and I got FT the next cycle. Had to fix the exact feedback though.

Do not treat it as guaranteed. Treat it as permission + a warm signal.

What were the development areas? That should basically become your prep plan.

The fact they said it after an internship is much stronger than a generic rejection email imo.