Milliman
Actuarial Analyst – New Graduate – 2026 Start Dates – Chicago Life, FRM, LAPA, a
Milliman, Chicago, Illinois, United States, 60290
Overview
Actuarial Analyst – New Graduate – 2026 Start Dates – Chicago Life, FRM, LAPA, and LTS Practices at Milliman. This role is based in Chicago and is not a remote opportunity. The hired candidate(s) will work in-person in the Chicago office on a weekly basis; flexible arrangements may be discussed during the interview process. Responsibilities
Mergers & Acquisitions: participate in projects including valuation, pricing, asset liability management, cash flow testing, statutory, tax, and GAAP valuation; participate in due diligence; evaluate product feature modifications to reduce risk exposure; assist with development of new products, risk-based capital impact analysis, and economic capital models under various frameworks. Financial Risk Management: assist in designing and executing scalable dynamic hedging programs to manage equity guarantee risk; price and develop new products; build stochastic models for hedging, GAAP/statutory valuation, and appraisals of Variable Annuities and/or Fixed Indexed Annuities; support M&A due diligence related to Variable/Fixed Indexed Annuities; evaluate exotic derivatives and assess impact of risk management programs on M&A. Collaborate with actuarial, financial engineering, capital markets professionals, and software developers to deliver risk management solutions for the financial services industry. Qualifications
Graduate of a program in Actuarial Science or another mathematics/quantitative analysis/programming-focused degree. Completion of at least three SOA exams and active pursuit of FSA, FRM, or CFA designation. Minimum of one prior actuarial internship. Desired
Actuarial internship experience with technical focus. Strong quantitative background with actuarial modeling experience in life insurance, risk management or investments. Understanding of capital markets and modern finance concepts (option pricing, portfolio theory, etc.). Proficiency in Excel and VBA; knowledge of SAS, C++, C#, and other programming languages is a plus. Experience with MG-ALFA or other actuarial valuation software is a plus. Ability to analyze and solve problems independently and in a team; strong project management and communication skills; results-oriented work ethic. Benefits
Medical, Dental and Vision – Coverage for employees, dependents, and domestic partners. Employee Assistance Program (EAP) – Confidential support for personal and work-related challenges. 401(k) Plan – Company matching and profit-sharing contributions. Discretionary Bonus Program – Recognizing employee contributions. Flexible Spending Accounts (FSA) – Pre-tax savings for dependent care, transportation, and eligible medical expenses. PTO – Begins accruing on the first day of work; full-time employees accrue 15 days per year; prorated accrual for less-than-full-time. Holidays – A minimum of 10 observed holidays per year. Family Building Benefits – Adoption and fertility assistance. Paid Parental Leave – Up to 12 weeks of paid leave for eligible employees. Life Insurance & AD&D – 100% of premiums covered by Milliman. Short-Term and Long-Term Disability – Fully paid by Milliman. Compensation
The salary range for this role is $66,330 - $116,270, depending on education, experience, qualifications, skills, location, and other factors. Location
Candidates hired into this role will be required to work in-person in the Milliman office in Chicago, IL on a weekly basis; flexible work arrangements will be considered. Equal Opportunity
All qualified applicants will receive consideration for employment, without regard to race, color, religion, sex, sexual orientation, national origin, disability, or status as a protected veteran.
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Actuarial Analyst – New Graduate – 2026 Start Dates – Chicago Life, FRM, LAPA, and LTS Practices at Milliman. This role is based in Chicago and is not a remote opportunity. The hired candidate(s) will work in-person in the Chicago office on a weekly basis; flexible arrangements may be discussed during the interview process. Responsibilities
Mergers & Acquisitions: participate in projects including valuation, pricing, asset liability management, cash flow testing, statutory, tax, and GAAP valuation; participate in due diligence; evaluate product feature modifications to reduce risk exposure; assist with development of new products, risk-based capital impact analysis, and economic capital models under various frameworks. Financial Risk Management: assist in designing and executing scalable dynamic hedging programs to manage equity guarantee risk; price and develop new products; build stochastic models for hedging, GAAP/statutory valuation, and appraisals of Variable Annuities and/or Fixed Indexed Annuities; support M&A due diligence related to Variable/Fixed Indexed Annuities; evaluate exotic derivatives and assess impact of risk management programs on M&A. Collaborate with actuarial, financial engineering, capital markets professionals, and software developers to deliver risk management solutions for the financial services industry. Qualifications
Graduate of a program in Actuarial Science or another mathematics/quantitative analysis/programming-focused degree. Completion of at least three SOA exams and active pursuit of FSA, FRM, or CFA designation. Minimum of one prior actuarial internship. Desired
Actuarial internship experience with technical focus. Strong quantitative background with actuarial modeling experience in life insurance, risk management or investments. Understanding of capital markets and modern finance concepts (option pricing, portfolio theory, etc.). Proficiency in Excel and VBA; knowledge of SAS, C++, C#, and other programming languages is a plus. Experience with MG-ALFA or other actuarial valuation software is a plus. Ability to analyze and solve problems independently and in a team; strong project management and communication skills; results-oriented work ethic. Benefits
Medical, Dental and Vision – Coverage for employees, dependents, and domestic partners. Employee Assistance Program (EAP) – Confidential support for personal and work-related challenges. 401(k) Plan – Company matching and profit-sharing contributions. Discretionary Bonus Program – Recognizing employee contributions. Flexible Spending Accounts (FSA) – Pre-tax savings for dependent care, transportation, and eligible medical expenses. PTO – Begins accruing on the first day of work; full-time employees accrue 15 days per year; prorated accrual for less-than-full-time. Holidays – A minimum of 10 observed holidays per year. Family Building Benefits – Adoption and fertility assistance. Paid Parental Leave – Up to 12 weeks of paid leave for eligible employees. Life Insurance & AD&D – 100% of premiums covered by Milliman. Short-Term and Long-Term Disability – Fully paid by Milliman. Compensation
The salary range for this role is $66,330 - $116,270, depending on education, experience, qualifications, skills, location, and other factors. Location
Candidates hired into this role will be required to work in-person in the Milliman office in Chicago, IL on a weekly basis; flexible work arrangements will be considered. Equal Opportunity
All qualified applicants will receive consideration for employment, without regard to race, color, religion, sex, sexual orientation, national origin, disability, or status as a protected veteran.
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