Quantitative Analyst

The Chicago office of Milliman Inc. is looking for bright, enthusiastic and qualified candidates to work in their Financial Risk Management (FRM) practice.

Milliman’s rigorous, distinctly innovative approach to risk management is built on a foundation of actuarial expertise and shaped by some of the most advanced thinking in the industry. Whether you’re looking to improve capital efficiency, comply with regulatory requirements, or guard against market volatility, Milliman offers a complete range of operational, strategic, and financial risk management solutions and tools.

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, and capital requirements.

We hire the best in the business—and then trust them to do their work their way. It’s about personal responsibility, creativity, flexibility. We believe great work happens in great work environments.

Our culture is highly collaborative with value placed on high quality work and innovation.

The Department

This team, within Milliman’s Financial Risk Management Practice, develops quantitative models, algorithms, and simulation frameworks that support valuation, risk, and attribution analysis for annuity and defined outcome products.

The Role

The Quantitative Analyst will have the following responsibilities:

• Assist in the design, development, and testing of quantitative models, algorithms, and simulation frameworks used in annuity and defined outcome product analysis.
• Support valuation, risk, attribution, and related analysis for annuity and defined outcome products, including recurring model runs, scenario analysis, and validation checks.
• Apply computational methods, data analysis, and, where applicable, machine learning techniques to identify, implement, and test modeling approaches.
• Write, test, and document accurate, well-structured code in relevant programming languages, packages, and libraries.
• Help build scalable frameworks to run simulations repeatedly and efficiently.
• Develop clear visualizations and analytical exhibits that help stakeholders review, validate, and interpret model results.
• Work with senior team members to troubleshoot model, data, or code issues, and participate in peer review, quality control, and documentation processes.

In the first 6–12 months, the Quantitative Analyst will build working knowledge of annuity and defined outcome products and modeling concepts, and take on increasingly complex quantitative development work under the guidance of senior team members.

Job Knowledge, Experience Skills

Requirements:

• Completed Bachelor’s Degree in finance, mathematics, statistics, physics, computer science, engineering or a related analytical field.
• Years’ industry experience: <1 year.
• Years’ functional experience: <1 year.
• Prior internship experience with an actuarial firm, including Milliman.
• Basic proficiency in one or more programming languages commonly used for quantitative analysis or model development.
• Ability to work with data, perform analysis, and communicate results clearly.
• Strong analytical, problem-solving, and documentation skills.
• Ability to work effectively in a team environment and incorporate feedback from more experienced colleagues.
• Interest in financial modeling, risk analysis, valuation, or insurance-related quantitative applications.
• Familiarity with numerical methods, simulation techniques, optimization or machine learning.
• Exposure to annuity, insurance, derivatives, capital markets, risk management or actuarial modeling concepts (preferred).
• Experience developing visualizations or dashboards to communicate quantitative results (preferred).
• Experience with version control systems (preferred).

Experience and Soft Skills Required:

• Exposure to annuity, insurance, derivatives, capital markets, risk management, or actuarial modeling concepts.
• Experience with Python, R, SQL, C++, MATLAB, or similar analytical/programming tools.
• Familiarity with numerical methods, simulation techniques, optimization, or machine learning.
• Experience developing visualizations or dashboards to communicate quantitative results.
• Past internship or work experience with an actuarial firm including with Milliman.

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.