Associate Actuary
Chicago, IL 
Posted Today
Job Description

Who We Are

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.

The Department/Team

We are a team of more than 40 consultants with deep actuarial subject matter expertise in individual life and annuity insurance products. Combined with our expertise in 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.

Your Role/What You'll Do

The successful candidate would potentially be involved a wide variety of assignments in the area of mergers & acquisitions, asset liability management, cash flow testing, valuation, financial reporting, and financial modeling. Some examples of such assignments include:

  • Modeling and financial projections for actuarial appraisals
  • Development and analysis of experience studies and actuarial assumptions
  • Asset adequacy analysis and cash flow testing
  • Buy-side 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

Your Qualifications

The ideal candidate should meet the following requirements:


  • Undergraduate degree in Actuarial Science, or a similar mathematical or quantitative program
  • Three to five years of experience in an Actuarial role
  • ASA Designation from the Society of Actuaries
  • Actively pursuing FSA Designation from the Society of Actuaries


  • Strong quantitative aptitude and background
  • Proficiency in Excel, VBA and SAS
  • Insurance product modeling experience and MG-ALFA 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 are required, along with the ability and willingness to clearly articulate your 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 is a plus, but not necessary

Milliman Benefits

At Milliman, we focus on creating an environment that recognizes - and meets - the personal and professional needs of the individual. We offer a competitive benefits package which includes:

  • Medical, dental and vision coverage for employees and their families, including eligible domestic partners.
  • A 401(k) plan with matching program
  • Paid Parental Leave up to 12 weeks
  • Adoption Assistance
  • Profit sharing as a discretionary contribution to employees' retirement accounts
  • Paid Time Off (PTO) starts accruing on the first day of work and can be used for any reason.
  • Milliman pays 100% of the premiums for life insurance, AD&D, an both short term and long term disability coverage
  • Voluntary benefits such as additional life or accidental death and dismemberment coverage for yourself or dependents
  • Flexible spending accounts allow employees to set aside pre-tax dollars to pay for dependent care, transportation and applicable medical needs
  • HMO and PPO Medical Insurance options, Dental, Vision, Commuter benefit, Dependent Care Flexible Spending Account and a Health Care Flexible Spending Account


The Chicago Life Practice will, on a case-by-case basis, consider qualified candidates who require sponsorship now, or in the future, to obtain or maintain H-1B, O-1, TN, or other work-authorized non-immigrant status for this position. This consideration is based on the business need for the individual candidate's experience, knowledge, and skills.


Bachelors of Actuarial Science (required)

3 - 5 years: Experience in an Actuarial role (required)

Licenses & Certifications
ASA (required)

Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities

The contractor will not discharge or in any other manner discriminate against employees or applicants because they have inquired about, discussed, or disclosed their own pay or the pay of another employee or applicant. However, employees who have access to the compensation information of other employees or applicants as a part of their essential job functions cannot disclose the pay of other employees or applicants to individuals who do not otherwise have access to compensation information, unless the disclosure is (a) in response to a formal complaint or charge, (b) in furtherance of an investigation, proceeding, hearing, or action, including an investigation conducted by the employer, or (c) consistent with the contractor's legal duty to furnish information. 41 CFR 60-1.35(c)

Milliman is an equal opportunity employer

Our company, with the full support of our Chief Executive Officer, is fully committed to the maximum utilization of all human resources and the goals of Equal Employment Opportunity and Affirmative Action. We recruit, hire, train, and promote, and consider qualified applicants for employment, in all job titles without regard to age, ancestry, citizenship status, color, creed, familial status, genetic information, marital status, national origin, political ideology, race, religion, sex, sexual orientation, gender identity, status as an individual with a disability, or veteran status, including qualified disabled veterans, Armed Forces service medal veterans, recently separated veterans, and active duty wartime or campaign badge veterans; and shall not discriminate against any individual, or any other characteristic protected by law.

Reasonable Accommodation Notice

Federal law requires employers to provide reasonable accommodation to qualified individuals with disabilities. Please tell us if you require a reasonable accommodation to apply for a job or to perform your job. Examples of reasonable accommodation include making a change to the application process or work procedures, providing documents in an alternate format, using a sign language interpreter, or using specialized equipment.


Job Summary
Start Date
As soon as possible
Employment Term and Type
Regular, Full Time
Required Education
Bachelor's Degree
Required Experience
3 to 5 years
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