Associate Actuary - ASA

Join to apply for the Associate Actuary - ASA Required role at Milliman
.

The Chicago office of Milliman Inc. is looking for bright, enthusiastic and qualified candidates to work in their life consulting practice. In the U.S. life insurance and annuity industry, Milliman is the leading actuarial advisor for mergers & acquisitions, corporate restructuring, and other transaction activity. In addition to a wide variety of M&A consulting, our services span broadly into areas of asset‑liability management, enterprise risk management, financial modeling, and actuarial technology modernization.

Our clients include some of the biggest and well‑known financial services companies. We hire the best in the business and offer a work environment that is client‑focused and encouraging of creativity and problem solving to meet and exceed our clients’ expectations. It's about personal responsibility, creativity, and flexibility. We believe great work happens in great work environments. Our culture is highly collaborative with value placed on high quality work and client service.

We are a team of consultants with deep actuarial subject matter expertise in individual life and annuity insurance products. Combined with our expertise in technology, financial modeling and analysis, this enables us to provide our clients with advanced analytics and insights required to develop a comprehensive understanding of the business, and to make informed decisions.

• Modeling and financial projections for actuarial appraisals.
• Development and analysis of experience studies and actuarial assumptions.
• Asset adequacy analysis and cash flow testing.
• Actuarial due diligence for M&A transactions, including review of financial metrics, assumptions, risks, and operations of the business.
• Development of valuation models and production processes for US statutory and GAAP reporting.
• Risk and capital assessment, including RBC and economical capital frameworks. Implementation of Milliman’s financial modeling and technology solutions, focused on our proprietary MG-ALFA and Integrate platform‑based solutions.
• Development of new insurance products.

• Undergraduate degree in Actuarial Science, or a similar mathematical or quantitative program of study.
• Society of Actuaries (SOA) ASA status.
• Actively pursuing the FSA designation from the SOA.
• Minimum of 2 years of full‑time work experience in an actuarial role (excluding time spent in internship roles).

• Strong quantitative background.
• Proficiency in Excel, VBA and SAS.
• Insurance product modeling experience and MG-ALFA and Integrate experience, in particular, would be an asset.
• Ability to analyze and apply creative problem solving both independently and within a team.
• Self‑motivated individual with a sense of intellectual curiosity and a results‑oriented work ethic.
• Proven ability to handle multiple projects and tasks, prioritizing and meeting deadlines.
• Strong written and verbal communication skills, along with the ability and willingness to clearly articulate ideas.
• The desire and ability to work in a fast‑pace environment where the client is always first.
• Prior consulting experience or a background in individual life insurance a plus, but not necessary.

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.

The overall salary range for this role is $101,420 - $172,480. A combination of factors will be considered, including, but not limited to, education, relevant work experience, qualifications, skills, certifications, etc.

• 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, and 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.

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.