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Milliman · 1 day ago

Actuarial Intern - Fall 2026 Internship/Co-Op (September 2026 Start) – FRM, Life, LTS

Chicago, IL

Internship

Hybrid

Intern

$25/hr - $45/hr

Start in 2026 Fall

Milliman is among the world's largest providers of actuarial and related products and services, and they are seeking an Actuarial Intern for their Chicago office. The intern will work within the Life, Financial Services, and Life Technology Solutions practice, focusing on projects in Mergers and Acquisitions and Financial Risk Management.

AnalyticsConsultingInsurTech

H1B Sponsor Likely

Responsibilities

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

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

Development and implementation of valuation solutions for multiple applications (Statutory VM-21, GAAP LDTI, BMA EBS)

Financial projection and actuarial modeling using MG-ALFA

Development, validation, and execution of data transformation processes using IDM

Qualification

Actuarial ScienceQuantitative AnalysisFinancial ModelingExcelVBAMG-ALFAC++C#SASProject ManagementCreative Problem SolvingCommunication SkillsTime Management

Required

Currently enrolled in a Bachelors or Masters level academic program in Actuarial Science or another program of study similarly focused on mathematics, quantitative analysis and/or programming

Completion of at least one Society of Actuaries (SOA) exam and actively pursuing the FSA, FRM, or CFA designation

Preferred

One, or more, prior internships, preferably with a focus on learning and applying 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

Benefits

Employee Assistance Program (EAP) – Confidential support for personal and work-related challenges.

401(k) Plan – When an employee reaches 1,000 hours worked within 12 consecutive months, they become eligible for a 401(k) plan that includes a company matching program and profit-sharing contributions.

Paid Time Off (PTO) – Begins accruing on the first day of work; Interns, Temporary, and Seasonal Employees will earn PTO each pay period, based on 1 hour for every 30 hours worked.

Transportation – Pre-tax savings for eligible transit and parking expenses.

Company

Milliman

Glassdoor3.9

Milliman is a risk management, benefits, and technology firm that offers insurance and retirement services.

Founded in 1947

Seattle, Washington, USA

1001-5000 employees

http://www.milliman.com

H1B Sponsorship

Milliman has a track record of offering H1B sponsorships. Please note that this does not guarantee sponsorship for this specific role. Below presents additional info for your reference. (Data Powered by US Department of Labor)

Distribution of Different Job Fields Receiving Sponsorship

Represents job field similar to this job

Trends of Total Sponsorships

2025 (36)

2024 (18)

2023 (21)

2022 (29)

2021 (23)

2020 (27)