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

About the role

This role is based in Chicago and is not a remote opportunity. The person hired for this role will be required to work in-person in the Chicago office on a weekly basis, with flexible work arrangements discussed during the interview process. The candidate will be assigned to work in either the Mergers and Acquisitions or the Financial Risk Management group within Milliman’s Life and Financial Services practice.

About Milliman

Milliman is among the world's largest providers of actuarial and related products and services, founded in 1947. The firm is independent, owned and managed by its principals, and has offices in major cities globally. Milliman is the preeminent Life and Financial Services practice in the United States and is expanding its presence in the global market. With over 60 years of actuarial experience, the Life and Financial Services practice helps clients analyze, understand, and mitigate risk amid regulatory change and financial uncertainty.

Mergers & Acquisitions

Milliman is the industry leader in mergers and acquisitions, having been involved in all major transactions for the last 20 years, representing value in excess of $100 billion. The firm provides independent analysis on deal valuation, merits, and weaknesses, often consulting on implementation and post-transaction action plans. Milliman’s sophisticated financial models deliver accurate projections and valuations of company assets.

Financial Risk Management

Milliman’s Financial Risk Management team includes actuaries, financial engineers, capital markets professionals, and software developers. The team advises some of the world’s largest insurance companies on hedging strategy, portfolio risk management, capital requirements, and mergers and acquisitions.

Responsibilities

Mergers & Acquisitions

• Participate in merger and acquisition projects, covering valuation metrics such as pricing, modeling, asset liability management, cash flow testing, statutory, tax, and GAAP valuation.
• Conduct due diligence for mergers and acquisitions, including reviewing assumptions, risks, and operations of the business.
• Evaluate modifications to product features to reduce a company’s risk exposure.
• Work on projects including development of new products, risk-based capital impact analysis, and economic capital models under various frameworks.

Financial Risk Management

• Design and execute scalable dynamic hedging programs to manage equity guarantee risk and meet strategic risk management objectives.
• Price and develop new products for financial services companies.
• Build stochastic models for hedging, GAAP, statutory valuation, and/or appraisals of Variable Annuities and Fixed Indexed Annuities business.
• Conduct merger and acquisitions due diligence, including reviewing assumptions, risks, and operations of Variable Annuities and Fixed Indexed Annuities business.
• Evaluate the use of exotic derivatives in reducing a company’s risk exposure.
• Determine the impact of various risk management programs on M&A transactions.

Requirements

• Graduate of a program in Actuarial Science or another degree 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.

Qualifications

• Technical actuarial internship experience where you applied quantitative skills.
• Strong quantitative background with actuarial modeling experience in life insurance, risk management, or investments.
• Understanding of capital markets and modern finance concepts (e.g., option pricing, portfolio theory).
• Proficiency in Excel and VBA; knowledge of SAS, C++, C#, or other programming languages is a plus.
• Experience with MG-ALFA or other actuarial valuation software is 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.
• Self-motivated with intellectual curiosity and a 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: Includes company matching and profit-sharing contributions.
• Discretionary Bonus Program: Recognizes employee contributions.
• Flexible Spending Accounts (FSA): Pre-tax savings for dependent care, transportation, and eligible medical expenses.
• Paid Time Off (PTO): Full-time employees accrue 15 days per year; part-time employees accrue PTO on a prorated basis. PTO begins accruing on the first day of work.
• 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 eligible employees.
• Life Insurance & AD&D: 100% of premiums covered by Milliman.
• Short-Term and Long-Term Disability: Fully paid by Milliman.

Pay

The salary range for this role is $66,330 - $116,270, depending on factors such as education, relevant work experience, qualifications, skills, certifications, and location.

Schedule

Candidates hired into this role will be required to work in-person in the Milliman Chicago office on a weekly basis, with flexible work arrangements available.