Job Description

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/Team

The Quantitative Development group, within Milliman’s Financial Risk Management Practice, focuses on capital markets modeling, market-consistent valuation of assets and liabilities, quantitative risk analytics, and simulation analysis of risk management strategies. Systems developed by this group support trading functions within active hedge programs and also serve as calculation engines for stochastic-on-stochastic financial projections of hedge strategy performance.

Your Role/What You’ll Do

The candidate would potentially be involved in the following types of projects:

• Designing models of exotic derivatives appropriate for pricing exercises, setting hedge positions, and projecting hedge strategy performance
• Implementing derivative models as VBA, C++, and C# modules
• Developing both risk neutral and real-world economic scenarios used for hedge strategy testing purposes
• Calibration of capital markets models to market prices and historical capital markets data
• Developing trading strategies and performing historical regression tests

Your Qualifications

The ideal candidate will have:

• Begun and made successful progress toward an advanced quantitative academic degree, preferably in math, physics, or quantitative finance
• Achieved or made successful progress toward CFA and/or FRM designations
• Experience carrying out quantitative financial analysis, preferably based on portfolio and option valuation theories
• Experience with stochastic modeling exercises including use of Monte Carlo techniques
• Demonstrated proficiency in computer programming languages including C++, Matlab, and Excel VBA, and has an appreciation of object-oriented software design

Additionally desired qualifications include:

• Demonstrated strong communication skills, capacity for leadership, and creative problem solving
• The ability to work independently and in a team environment
• A results-oriented work ethic

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.

Benefits

• When an intern, temporary, or seasonal employee reaches 1,000 hours worked within 12 consecutive months, they become eligible for a 401(k) plan with matching program and profit-sharing contribution
• Employee Assistance Program (EAP)
• Paid Time Off (PTO) starts accruing on the first day of work and can be used for any reason. Interns, Temporary, and Seasonal Employees will earn PTO each pay period, with an accrual rate of 1 hour for every 30 hours worked
• Commuter Program, which allows you to use pre-tax dollars to pay for your parking or public transit expenses to get to and from work. You may utilize this benefit any time throughout the year and funds will be available the first of the month following your first contribution

All qualified applicants will receive consideration for employment, without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or status as a protected veteran.

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