Associate Actuary - ASA Required

Milliman, Inc; Chicago (IL); On-site; USD 102,120 - 184,460; Full time

Benefits offered by this job

Comprehensive benefits package

401(k) plan with company matching

Paid Time Off (PTO)

Paid parental leave

Employee Assistance Program (EAP)

Job summary

A leading actuarial consultancy in Chicago seeks a qualified candidate for a dynamic role in mergers and acquisitions related consulting. The ideal applicant will possess a degree in Actuarial Science, ASA status, and at least 2 years of experience in an actuarial role. Responsibilities include financial modeling, actuarial appraisals, and risk analysis. The role involves collaboration in a team-oriented, client-centric environment with flexible work options available.

Qualifications

• Minimum of 2 years of full-time work experience in an actuarial role.
• Actuarial due diligence for M&A transactions.
• Modeling and financial projections for actuarial appraisals.

Responsibilities

• Involved in assignments related to mergers & acquisitions.
• Development and analysis of experience studies.
• Conduct asset adequacy analysis and cash flow testing.

Skills

Strong quantitative background

Proficiency in Excel

Proficiency in VBA

Proficiency in SAS

Ability to analyze and apply creative problem solving

Strong written and verbal communication skills

Education

Undergraduate degree in Actuarial Science or similar

Society of Actuaries (SOA) ASA status

Actively pursuing the FSA designation

Tools

MG-ALFA

Insurance product modeling

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 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.

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.
• 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:

Required

• 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).

Desired

• 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.

Location

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 application deadline for this job is April 30, 2026.

Compensation

The overall salary range for this role is $102,120 - $184,460. A combination of factors will be considered, including, but not limited to, education, relevant work experience, qualifications, skills, certifications, etc.

Benefits

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 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.

Equal Opportunity

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. This employer is required to notify all applicants of their rights pursuant to federal employment laws. For further information, please review Know Your Rights notice from the Department of Labor.