Summer Analyst (Undergraduate)

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 clients with a compelling risk/return profile that 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 managed approximately $12.4 billion in assets under management.

Summer Analyst Program Overview

As an intern at Waterfall, you will immerse yourself in the dynamic world of investment management. During the 10-week summer internship program, you will be surrounded by challenging projects and opportunities to grow and learn. We will connect you with mentors and a network of colleagues throughout the firm to help you develop your professional skills and support you during your time at Waterfall. The internship begins with a firm orientation and a robust training program, where summer analysts will be trained in debt cash flow modeling and bond math, and participate in structured credit classes introducing various asset-backed and mortgage-backed securities. As a summer analyst, you will rotate through two strategies within the firm, gaining transaction experience and a thorough understanding of each.

Summer Analyst 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
  • 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

• Pursuing an undergraduate degree with an expected graduation date between December 2027 and June 2028.
• Minimum 3.75 GPA.
• Strong analytical and quantitative skills.
• Knowledge of finance and capital markets with 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 the ability to meet deadlines.
• Experience with coding languages is preferred, but not required.

Compensation

Salary Range: $19,000 plus sign-on bonus.