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

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.

Actuarial Analyst – New Graduate Opportunity

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.

Mergers & Acquisitions

Milliman is the industry leader in merger and acquisitions; we have been either on the seller or buyer side of all major transactions for the last 20 years. When it comes to sorting through the complexities of insurance industry mergers and acquisitions, Milliman offers unparalleled experience. We have been involved in all successful life M&A transactions in the past five years, representing value in excess of $100 billion. Our sophisticated financial models are relied upon to deliver accurate projections and valuations of company assets. Because we never serve as a broker, we are a trusted source of independent analysis on a proposed deal’s valuation, merits and weaknesses. In many cases, the deal valuation is only the beginning, and we are brought on to consult management on implementation and post-transaction action plans

Financial Risk Management

We have a focused, multi-disciplinary team of actuaries, financial engineers / capital markets professionals and software developers working together to develop risk management solutions for the financial services industry. We currently advise some of the world's largest insurance companies in areas such as hedging strategy and operations, 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, 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. Milliman is the preeminent Life and Financial Services practice in the United States, and we are rapidly establishing our presence in the global market. With more than 60 years of actuarial experience, Milliman’s Life and Financial Services practice is well positioned to help clients analyze, understand, and mitigate risk in an era of regulatory change financial uncertainty.

Job Responsibilities

Mergers & Acquisitions

The Mergers and Acquisitions role would potentially be involved in the following type of projects:

• 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

Financial Risk Management

The Financial Risk Management role would potentially be involved in the following types of projects:

• 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
• Merger and acquisitions due diligence including review of assumptions, risks and operations 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

During the interview process we will talk with candidates about whether they have a preference to be assigned to one team or the other.

Skills & Attributes

Required:

• 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

Desired:

• 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

Milliman Benefits:

We offer a comprehensive benefits package designed to support employees’ health, financial security, and well-being. Benefits include: 

• 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.
  • Employees working less than full-time accrue PTO on a prorated basis.
• 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.

Compensation

The salary range for this role is $66,330 - $116,270, depending on a combination of factors, including, but not limited to, education, relevant work experience, qualifications, skills, certifications, location, etc.

Location

Candidates hired into this role will be required to work in-person in the Milliman office in Chicago, IL on a weekly basis, but 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.