Quantitative Analyst

Who We Are

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 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 serve as calculation engines for stochastic-on-stochastic financial projections of hedge strategy performance.

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

The candidate must have:

• Bachelors degree in math, physics, engineering, computer science or quantitative finance
• Years of industry and functional experience:
  Entry level role to 2 years experience
• C#/C++/Java or Python experience
• Demonstrated interest in quantitative finance
• The ability to read, write and communicate clearly in English

• Prior internship experience, preferably in Financial Mathematics
• Interest in obtaining the CFA and/or FRM designations (we will support this, financially)
• Experience carrying out quantitative financial analysis, preferably based on portfolio and option valuation theories
• Demonstrated experience in computer programming languages including C++/C#/Java, and has an appreciation of object oriented software design
• Demonstrated strong communication skills, 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.

The expected Final date to receive applications for this job is February 28, 2026.

The salary range for this role is $74,980 - $119,830, depending on a combination of factors, including, but not limited to, education, relevant work experience, qualifications, skills, certifications, location, etc.

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…