Actuarial Intern - Summer 2027 Internship/Co-Op (May 2027 Start) - FRM, Life, LTS

About the role

Milliman Inc.'s Chicago office is seeking enthusiastic and qualified candidates for an internship/co-op work term within its Life, Financial Services, and Life Technology Solutions (LTS) practice. The intern will be assigned to either the Mergers and Acquisitions or the Financial Risk Management group, both of which collaborate on projects such as mergers and acquisitions and risk-based capital impact analysis.

Mergers & Acquisitions

Milliman is the industry leader in mergers and acquisitions, having been involved in all major transactions over the last 20 years, representing value in excess of $100 billion. As a trusted independent source, Milliman provides accurate projections and valuations of company assets, offering analysis on a proposed deal’s valuation, merits, and weaknesses. Beyond valuation, Milliman consults on implementation and post-transaction action plans.

Financial Risk Management

This multidisciplinary team of actuaries, financial engineers, capital markets professionals, and software developers develops risk management solutions for the financial services industry. The team advises some of the world’s largest insurance companies on hedging strategy, portfolio risk management, capital requirements, and mergers and acquisitions.

About Milliman

Milliman is among the world’s largest providers of actuarial and related products and services, founded in 1947 and independently owned and managed by its principals. The Life and Financial Services practice is a leader in the U.S. and expanding globally, with over 60 years of experience helping clients analyze, understand, and mitigate risk amid regulatory change and financial uncertainty.

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, including reviewing assumptions, risks, and operations of the business.
• Evaluate modifications to product features to reduce a company’s risk exposure.
• Work on projects such as developing new products for financial services companies, 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/or Fixed Indexed Annuities business.
• Conduct merger and acquisitions due diligence, including reviewing assumptions, risks, and operations of Variable Annuities and/or Fixed Indexed Annuities business.
• Evaluate the appropriateness of exotic derivatives in reducing a company’s risk exposure.
• Determine the impact of various risk management programs with respect to M&A transactions.

Life Technology Solutions

• Receive on-the-job training to build industry-standard models, addressing real-world problems faced by insurance companies.
• Develop and implement valuation solutions for applications such as Statutory VM-21, GAAP LDTI, and BMA EBS.
• Perform financial projection and actuarial modeling using MG-ALFA.
• Develop, validate, and execute data transformation processes using IDM.

Requirements

• Currently enrolled in a Bachelor’s or Master’s program in Actuarial Science or a related field focused on mathematics, quantitative analysis, and/or programming.
• Completion of at least one Society of Actuaries (SOA) exam and actively pursuing the FSA, FRM, or CFA designation.

Skills

Desired

• One or more prior internships, preferably with a focus on learning and applying technical 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.
• 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 a sense of intellectual curiosity and a results-oriented work ethic.

Location

This role requires in-person work in the Milliman Chicago office on a weekly basis, though flexible work arrangements may be considered.

Pay

The salary range for this role is $23–$46 per hour, depending on factors such as education, relevant work experience, qualifications, skills, certifications, and location.

Benefits

• Employee Assistance Program (EAP): Confidential support for personal and work-related challenges.
• 401(k) Plan: Eligibility after reaching 1,000 hours worked within 12 consecutive months, including company matching and profit-sharing contributions.
• Paid Time Off (PTO): Accrues from the first day of work; interns earn 1 hour of PTO for every 30 hours worked.
• Transportation: Pre-tax savings for eligible transit and parking expenses.