Quantitative Development Intern - Winter 2027

Milliman, Inc; Chicago (IL); On-site; USD 29,000 - 59,000; Full time

Benefits offered by this job

EAP

401(k) plan

PTO

Transit benefits

Job summary

Milliman, Inc. in Chicago seeks a quantitative developer to design and implement models for exotic derivatives, hedge pricing, and strategy testing. You will work on risk-neutral and real-world scenario development and calibrate models to market data.

The role requires strong programming skills (C++, Matlab, and Excel VBA) and experience with stochastic modeling plus the ability to work in a collaborative, results-oriented team in-person at our Chicago office.

Qualifications

• Pursuing an advanced quantitative degree (math, physics, or quantitative finance).
• Experience in quantitative financial analysis, especially portfolio and option valuation theories.
• Experience with stochastic modeling including Monte Carlo methods.
• Proficiency in C++, Matlab, and Excel VBA; understanding of object-oriented software design.

Responsibilities

• Design exotic derivative pricing models for hedge positions and strategy performance.
• Implement derivative models as VBA, C++, and C# modules.
• Develop risk-neutral and real-world scenarios for hedge testing.
• Calibrate models to market prices and historical data.
• Develop trading strategies and perform historical regression tests.

Skills

C++

Matlab

Excel VBA

Quantitative finance

Education

Advanced quantitative degree (in progress)

Job description

The Department/Team

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

Your Role/What You'll Do

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

Your Qualifications

The ideal candidate will have:

• Begun and made successful progress toward an advanced quantitative academic degree, preferably in math, physics, or quantitative finance
• Experience carrying out quantitative financial analysis, preferably based on portfolio and option valuation theories
• Experience with stochastic modeling exercises including use of Monte Carlo techniques
• Demonstrated proficiency in computer programming languages including C++, Matlab, and Excel VBA, and has an appreciation of object-oriented software design

Additionally desired qualifications include:

• Demonstrated strong communication skills, capacity for leadership, and creative problem solving
• The ability to work independently and in a team environment
• A results-oriented work ethic

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.

Compensation

The salary range for this role is $21 - $43 per hour depending on a combination of factors, including, but not limited to, education, relevant work experience, qualifications, skills, certifications, location, etc.

Benefits

We offer competitive benefits which include the following based on plan eligibility:

• 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.

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.

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Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities