A no-return-offer is relevant, but it does not automatically end your consulting path. The context matters: performance, office needs, internship structure, and what feedback you received.

Be ready to explain the experience without becoming defensive. Focus on what you learned, what you improved, and why the next opportunity still makes sense.

If you are reapplying to the same firm, ask recruiting about eligibility and timing. For another firm, expect the internship to be a strong experience signal, but do not assume they will ignore the outcome.

Friend of mine got no return at one MBB and joined another full-time.

If you have specific feedback from the internship, use it. That is probably the highest-value prep input you have.