Actuarial Intern

About the Role

Milliman's Chicago office is seeking enthusiastic and qualified candidates for an Actuarial Intern - Summer 2027 Internship/Co-Op opportunity within its Life, Financial Services, and Life Technology Solutions (LTS) practice. The intern will be assigned to either the Mergers and Acquisitions or the Financial Risk Management group, which collaborate on projects like mergers and acquisitions and risk-based capital impact analysis.

Key Responsibilities

• Mergers & Acquisitions:
• Engage in merger and acquisition projects, including pricing, modeling, asset liability management, cash flow testing, statutory, tax, and GAAP valuation.
• Conduct due diligence for mergers and acquisitions, reviewing assumptions, risks, and operations.
• Evaluate the appropriateness of modifying product features to reduce a company's risk exposure.
• Participate in other projects such as developing new products for financial services companies, performing risk-based capital impact analysis, and developing economic capital models.
• Financial Risk Management:
• Design and execute scalable dynamic hedging programs for equity guarantee risk and strategic risk management objectives.
• Price and develop new products for financial services companies.
• Build stochastic models for hedging, GAAP, statutory valuation, and/or appraisals of Variable Annuities and/or Fixed Indexed Annuities.
• Conduct due diligence for mergers and acquisitions, reviewing assumptions, risks, and operations of Variable Annuities and/or Fixed Indexed Annuities.
• Evaluate the appropriateness of exotic derivatives in reducing a company's risk exposure.
• Determine the impact of various risk management programs on M&A transactions.
• Life Technology Solutions (LTS):
• Receive on-the-job training to build industry-standard models, considering practical issues beyond textbooks.
• Utilize developed models to solve real-world problems for insurance companies.
• Receive one-on-one training from supervisors and colleagues on various topics.
• Training will include:
• Development and implementation of valuation solutions for Statutory VM-21, GAAP LDTI, and BMA EBS.
• Financial projection and actuarial modeling using MG-ALFA.
• Development, validation, and execution of data transformation processes using IDM.

Requirements & Tech Stack

• Currently enrolled in a Bachelor's or Master's level academic program in Actuarial Science or a related program focused on mathematics, quantitative analysis, and/or programming.
• Completion of at least one Society of Actuaries (SOA) exam.
• Actively pursuing the FSA, FRM, or CFA designation.
• Proficiency in Excel and VBA.
• Knowledge of SAS, C++, C#, and other programming languages is a plus.
• Experience with MG-ALFA or other actuarial valuation software would be an asset.

Qualifications

• One or more prior internships, preferably focused 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.).
• Ability to analyze and apply creative problem-solving skills both independently and within a team.
• Excellent project management skills, including communication and time management.
• Self-motivated individual with a sense of intellectual curiosity and a results-oriented work ethic.

Location

• Candidates will work in-person in the Milliman office in Chicago, IL on a weekly basis. Flexible work arrangements will be considered.

Compensation

• Salary range: $23 - $46 per hour, depending on education, relevant work experience, qualifications, skills, certifications, and location.

Benefits

• Employee Assistance Program (EAP)
• 401(k) Plan: Eligibility after 1,000 hours worked within 12 consecutive months, includes company matching and profit-sharing.
• Paid Time Off (PTO): Accrues from the first day of work (1 hour per 30 hours worked for interns).
• Transportation: Pre-tax savings for eligible transit and parking expenses.