Between 1985 and 1987, Falcioni was part of the América team that were runners up in the Copa Libertadores three consecutive seasons.

In 1990, Falcioni returned to Argentina to play for Gimnasia y Esgrima, and in 1991 he had short spells with Once Caldas in Colombia and with his first club Vélez Sársfield.

[1] Falcioni embarked on his managerial career in 1997 at the lower divisions of Vélez Sarsfield.

In 2009, he returned to Banfield and later that year led them to the Apertura 2009 championship, making them Argentine league champions for the first time in their history.

[2] Within months he had caused controversy by leaving star player Juan Román Riquelme out of the team to face All Boys in the third round of the Clausura 2011 tournament[3] even though the fans favourite was not suffering from any injuries.