Actuarial Analyst New Graduate 2026 Start Dates Chicago Life, FRM, LAPA, and LTS Practices

Milliman • Chicago, IL

293d • $66,330 - $116,270 • Onsite

About The Position

This role is based in Chicago and is not a remote opportunity. The person/people hired for this role will be required to work in-person in the Chicago office on a weekly basis, but we will discuss flexible work arrangements during the interview process. The Chicago office of Milliman Inc. is looking for enthusiastic and qualified candidates to join its Life and Financial Services practice. The candidate will be assigned to work in either the Mergers and Acquisitions or the Financial Risk Management group. The two groups work closely together on mergers and acquisitions projects and other assignments such as risk-based capital impact analysis. Milliman is among the world's largest providers of actuarial and related products and services. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe. We are owned and managed by our principals—senior consultants whose selection is based on their technical, professional and business achievements.

Requirements

• Graduate of a program in Actuarial Science or another degree similarly focused on mathematics, quantitative analysis and/or programming.
• Completion of at least three Society of Actuaries (SOA) exams and actively pursuing the FSA, FRM or CFA designation.
• Minimum of one prior Actuarial internship.

Nice To Haves

• Actuarial internship experience which is preferably technical in nature where you could both learn and use your technical skills.
• 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 a plus.
• Experience with MG-ALFA or other actuarial valuation software would be an asset.
• Ability to analyze and apply creative problem solving both independently and within a team.
• Excellent project management skills, including communication and time management skills.
• Self-motivated individual with a sense of intellectual curiosity and a results-oriented work ethic.

Responsibilities

• Merger and acquisition projects, covering a range of valuation metrics and functions including pricing, modeling, asset liability management, cash flow testing, statutory, tax, and GAAP valuation.
• Merger and acquisitions due diligence including review of assumptions, risks and operations of the business.
• Evaluating the appropriateness of modifying product features in reducing a company's risk exposure.
• Other projects including development of new products for financial services companies, risk-based capital impact analysis and developing economic capital models under various frameworks.
• Designing and executing scalable dynamic hedging programs to manage equity guarantee risk and meet strategic risk management objectives.
• Pricing and developing new products for financial services companies.
• Building stochastic models for hedging, GAAP, statutory valuation, and/or appraisals of Variable Annuities and/or Fixed Indexed Annuities business.
• Evaluating the appropriateness of exotic derivatives in reducing a company's risk exposure.
• Determining the impact of various risk management programs with respect to M&A transactions.

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 - Includes a company matching program 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.
• Paid Time Off (PTO) - Begins accruing on the first day of work. Full-time employees accrue 15 days per year.
• Holidays - A minimum of 10 observed holidays per year.
• Family Building Benefits - Includes adoption and fertility assistance.
• Paid Parental Leave - Up to 12 weeks of paid leave for employees who meet eligibility criteria.
• Life Insurance & AD&D - 100% of premiums covered by Milliman.
• Short-Term and Long-Term Disability - Fully paid by Milliman.

What This Job Offers

• Job Type: Full-time
• Career Level: Entry Level
• Industry: Professional, Scientific, and Technical Services
• Education Level: Bachelor's degree