As an equity research intern for Deutsche Bank in New York City, Matt Fallon ’16 worked for senior analysts covering the restaurant industry. Over the course of the summer he learned to analyze financial statements, update financial models, and helped write research used by investors to make investment decisions. Despite a learning curve that was “so huge it was like learning a new language,” Fallon was able to impress his hosts with his hard work and dedication to learning the business enough to land a job in equity research as a junior analyst for the global banking and financial services leader after graduation.
“My skills going into the internship and coming out are like night and day,” says the economics major. “A lot of my job was less about taking orders and more about my resourcefulness. I didn’t want to be telling my boss the same thing that seven other analysts were, so I knew I needed to be creative to stand out.”
Deutsche Bank Group, headquartered in Frankfurt, Germany, runs an internship program recognized as one of the best in the industry.
“The internship program that Deutsche Bank runs is one of the most competitive and comprehensive finance internships in the nation,” says Brandi Ferrara, director of the Salisbury Center for Career, Professional and Experiential Education. “For Matt to land the internship at such a prestigious organization, and receive a job offer at the end of his experience speaks to the caliber of his performance and the quality of his work.”
As an equity researcher on the restaurant and food retail team, Fallon assisted in preparing financial models and recommendations to clients interested in investing in companies such as Chipotle, Whole Foods, Starbucks, and Shake Shack. The models project company earnings and provide investors with a recommendations on whether or not to invest in the companies. To create the models, Fallon conducted research, collecting earnings reports of the companies and synthesizing conclusions based on documents that reached up to 300 pages.
“Writing and reading analytically were a huge part of the internship,” explains Fallon. “HWS and especially the liberal arts focus provides what I think is a perfect skill set for equity research. My economics courses helped me a great deal with my understanding of international trade and crunching numbers, and in being able to understand financial concepts in an analytical framework.”
As part of the internship program, Fallon was required to make a “stock pitch” at the end of the summer. Assigned to pitch Shake Shack, Fallon spent a month researching the company in order to compile a 20-page report and make a final presentation to a panel comprised of senior analysts and managers. The opportunity to employ all of the skills he’d acquired throughout the internship was the most exciting part of the experience, he says.
“In the stock pitch, I was able to use everything I learned about modeling for a company to make the final call on the stock,” he says, “and watching my call go into effect was an amazing experience.”
Throughout the internship, Fallon was mentored by former HWS Student Trustee Jerimiah Booream-Phelps ’12, an alternative energy analyst at Deutsche. Fallon says that Booream-Phelps and Josh Kalenderian ’12, who both interned for the company as HWS students, helped prepare him for the competitive interview process.
“Since Matt first reached out to me hoping to land the internship, I’ve been happy to see him progress successfully, develop a unique skill set fueled by his curiosity, and ultimately land the job offer,” says Booream-Phelps. “It was only a few years ago that I stood in his shoes and Tony Conklin gave me the same opportunity, so it’s great to pass the torch to Matt. I’m looking forward to seeing him here on the floor again next year.”
The Salisbury Center for Career, Professional and Experiential Education helped connect Fallon with the two alums, and also sparked Fallon’s interest in the company. After meeting Tony Conklin ’90, associate director of research at Deutsche, during the HWS Wall Street Experience Program over winter break, Fallon networked with Conklin throughout the spring semester and during the summer internship.
“Although I didn’t work with Tony Conklin directly during my internship, he helped place me in a group with a really talented lead analyst and a great culture, which contributed a lot to the learning experience I had.”
On campus, Fallon participates in the Investment Club, serves as an America Reads tutor, works in the Office of Admissions, and is a member of the club lacrosse and tennis teams. This fall, he is studying abroad in Prague, Czech Republic.