The Role
10-week MBA internship providing hands-on experience in alternative asset investing. Complete two four-week rotations across investment verticals, perform due diligence, build transaction and cash-flow models, underwrite opportunities, prepare investment memos, and present a live investment to the Investment Committee.
Summary Generated by Built In
Company Information
Waterfall Asset Management, LLC is an SEC-registered alternative investment manager focused on specialty finance opportunities within asset-backed credit, whole loans, real assets, and private equity. Waterfall was founded in 2005 by Tom Capasse and Jack Ross, two individuals who were early leaders of the ABS industry, and who together have over 60 years of proven ABS/Loan credit analysis, trading, banking, and servicing experience. Waterfall seeks to provide its client a compelling risk/return profile which is generally uncorrelated to most traditional investment opportunities. Waterfall is headquartered in New York, with additional offices in London and Dublin. As of December 31, 2025, Waterfall approximately $12.4 billion in assets under management.
Summer Analyst Objectives
As an MBA Summer Analyst at Waterfall, you will gain hands-on exposure to the core investment processes of a leading alternative asset manager. This 10-week program is designed to provide MBA candidates with practical transaction experience, advanced financial modeling exposure, and direct interaction with senior investment professionals.
The program begins with a firm-wide orientation and targeted training curriculum tailored to MBA-level candidates, including refresher and advanced instruction in debt cash-flow modeling, bond mathematics, and structured credit. You will build upon your prior academic and professional experience while developing a deeper understanding of specialty finance and credit investing.
Summer Analysts will complete two four-week rotations across different investment strategies, allowing for meaningful contributions to live transactions and investment decisions.
Summer Analysts’ Opportunities:
Qualifications and Education Requirements
Waterfall Asset Management, LLC is an SEC-registered alternative investment manager focused on specialty finance opportunities within asset-backed credit, whole loans, real assets, and private equity. Waterfall was founded in 2005 by Tom Capasse and Jack Ross, two individuals who were early leaders of the ABS industry, and who together have over 60 years of proven ABS/Loan credit analysis, trading, banking, and servicing experience. Waterfall seeks to provide its client a compelling risk/return profile which is generally uncorrelated to most traditional investment opportunities. Waterfall is headquartered in New York, with additional offices in London and Dublin. As of December 31, 2025, Waterfall approximately $12.4 billion in assets under management.
Summer Analyst Objectives
As an MBA Summer Analyst at Waterfall, you will gain hands-on exposure to the core investment processes of a leading alternative asset manager. This 10-week program is designed to provide MBA candidates with practical transaction experience, advanced financial modeling exposure, and direct interaction with senior investment professionals.
The program begins with a firm-wide orientation and targeted training curriculum tailored to MBA-level candidates, including refresher and advanced instruction in debt cash-flow modeling, bond mathematics, and structured credit. You will build upon your prior academic and professional experience while developing a deeper understanding of specialty finance and credit investing.
Summer Analysts will complete two four-week rotations across different investment strategies, allowing for meaningful contributions to live transactions and investment decisions.
Summer Analysts’ Opportunities:
- Two 4-week rotations across the firm’s various investment verticals, including:
- Private Credit,
- CRE Loans,
- CRE Equity,
- ABS/CMBS/RMBS Trading,
- Residential Whole Loan Trading,
- Or HY Corporate Credit Trading.
- Work with senior portfolio managers and investment teams on all aspects of the investment process, including conducting due diligence, transaction modeling, underwriting, investment memo creation, and trade or deal execution.
- As a final project, present an investment opportunity from a list of live, real-time opportunities with full underwrite to the firm’s Investment Committee (including firm Partners and Managing Partners
Qualifications and Education Requirements
- You are currently pursuing an MBA degree with an expected graduation date between December 2027 and June 2028
- Strong academic performance (minimum 3.75 GPA or program equivalent)
- Strong analytical & quantitative skills
- Knowledge of finance & capital markets and have an interest in finance
- Ability to perform in a dynamic, rapidly changing environment
- Strong interpersonal and excellent verbal and written communication skills
- Self-starter with the ability to multi-task and drive projects to completion
- Motivated, passionate, team player that displays future leadership capabilities
- Excellent time management skills with ability to meet deadlines
- Experience with coding languages, preferred not required
Salary Range: $19,000 plus sign on bonus
Skills Required
- Currently pursuing an MBA with expected graduation between December 2027 and June 2028
- Strong academic performance (minimum 3.75 GPA or program equivalent)
- Strong analytical and quantitative skills
- Knowledge of finance and capital markets with interest in finance
- Ability to perform in a dynamic, rapidly changing environment
- Strong interpersonal and excellent verbal and written communication skills
- Self-starter with ability to multi-task and drive projects to completion
- Motivated, passionate team player demonstrating future leadership capabilities
- Excellent time management skills with ability to meet deadlines
- Experience with coding languages
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The Company
What We Do
Waterfall Asset Management is an SEC-registered American alternative investment management firm founded in 2005. The company specializes in structured credit and asset-based lending strategies, focusing on high-yield asset-backed securities (ABS) and loan investments. Additionally, the firm invests in real estate and private equity, sourcing complex and differentiated investment opportunities across specialized corners of the global asset-backed finance markets.
