If $\psi$ and $\phi$ are formulas and x is a variable that is not free in $\phi$, then the formuals $(\exists x)(\psi \rightarrow \phi)$ is logically equivalent to $[(\forall x) \psi \rightarrow \phi]$ in the predicate calculus. A proof of this can be found on page 215 in Jean Rubin's Mathematical Logic, where it is called Theorem 10.6.h.
By soundness and completeness of the predicate calculus, every universe in which $(\exists x)(\psi \rightarrow \phi)$ is true, $[(\forall x) \psi \rightarrow \phi]$ must also be true. However, consider a universe in which $\psi = \text{student $x$ does well}$, $\phi = \text{the class gets ice cream}$, and the class only gets ice cream if the entire class does well.
In this universe, $[(\forall x) \psi \rightarrow \phi]$ is true, but $(\exists x)(\psi \rightarrow \phi)$ = 'there exists a particular student such that if that student does well then the class gets ice cream' is false.
What is wrong with my reasoning?
First, to say that "the class only gets ice cream if the entire class does well" [emphasis of 'only' is mine] is to say that the entire class doing well is a necessary condition for the class getting ice cream. Hence, that statement should be translated as:
$\phi \rightarrow (\forall x) \psi $
If you want to work with the formula $(\forall x) \psi \rightarrow \phi$, then you should read that as "the class gets ice cream if the entire class does well"
OK, but still, you ask: how does the truth of "the class gets ice cream if the entire class does well" imply that "there exists a particular student such that if that student does well then the class gets ice cream"?
Well, consider the fact that in logic, any conditional is true as soon as the antecedent is false. So, if there are some students who did not do well in the class, then the statement $(\exists x)(\psi \rightarrow \phi)$ is true, since you can simply point to any student that does not do well, and say: "There! There is a stduent for which the conditional is true, exactly because for this student, the antecedent is false!". The only other option is that there are no student who did not do well .. but that means that they all did do well, in which case (give the truth of $(\forall x) \psi \rightarrow \phi$) we know that $\phi$ is true, and hence you can point to any stduent and say: "There! There is a student for which the conditional is true, exactly because the consequent is true".