The Meta software engineer internship program is very legit. It resembles the experience of working as a full-time Meta engineer as closely as possible, complete with calibrations and a formal manager.
The program is also hard. The pass rates that got mentioned around the company were 50 to 75%. It's one of the harder software engineer internships to get a return offer from as the goal is to perform at E3 MA. If this is your first software engineer internship or you have only interned at companies weaker than Meta prior, the high bar can be overwhelming.
However, the reward is tremendous. Meta is an incredible company to work at and amazing as a career starter. Meta is also one of the highest paying companies for the entry-level band (E3), and the signing bonus for return offer interns is sky-high (60k to 100k).
4 outcomes for Meta software engineer interns:
No offer: As mentioned before, many interns will unfortunately be here. The numbers after this correspond to the percentage of the "surviving" pool.
MA (70%): "Meets All Expectations", which is a regular return offer. The vast majority of successful software engineer interns get this.
EE (25%): "Exceeds Expectations", which is given to very strong interns.
Rockstar (5%): For interns that completely crush it and are very close to functioning as a mid-level engineer (E4).
Internship schedule (assuming standard 12 week length):
Weeks 1-3: Onboarding
Weeks 5-6: Mid-cycle review
Weeks 10-11: Final calibrations (return offer is decided here)
Weeks 11-12: Relax and have fun. Only your performance from Weeks 1 - 10 is counted towards your final review
As a software engineer intern, you formally report to an intern manager (IM), which is shown on the org chart. On top of the IM, you will have 1-3 other peers who will review your diffs and help you. During calibrations, feedback from your IM and these peers will determine your final rating.