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Role Summary

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HIGHLIGHTS

Life actuarial internship in Milliman's Chicago office within M&A, Financial Risk Management, or Life Technology Solutions. Work includes valuation, cash-flow testing, stochastic modeling, hedging and due diligence for life insurance and annuities. Fall 2026 co-op/internship for students (in-person weekly in Chicago).

JOB DESCRIPTION SUMMARY

  • Fall 2026 actuarial intern in Life, Financial Risk Management, or Life Technology Solutions
  • Work on M&A due diligence, valuation, cash-flow testing, and stochastic hedging models
  • Hands-on modeling with MG-ALFA and data transformation processes (IDM)
  • In-person in Chicago office weekly; flexible arrangements may be considered
  • Ideal for students with 1+ SOA exam passed and Excel/VBA skills

DOMAIN EXPERTISE

  • actuarial modeling in life insurance or risk management
  • variable annuity and fixed indexed annuity modelling
  • valuation modelling (VM-21, GAAP LDTI, BMA EBS)
  • experience with MG-ALFA
  • proficiency in Excel and VBA

KEY REQUIREMENTS

  • Currently enrolled in a Bachelor's or Master's program in Actuarial Science or similar
  • Completion of at least one SOA exam and actively pursuing FSA, FRM, or CFA
  • Ability to work in-person in the Chicago office on a weekly basis
  • Strong quantitative background and aptitude for actuarial modeling
  • Proficiency in Excel and VBA (SAS, C++, C# knowledge a plus)

TECH STACK

  • Excel
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Role Summary

Loading...

HIGHLIGHTS

Life actuarial internship in Milliman's Chicago office within M&A, Financial Risk Management, or Life Technology Solutions. Work includes valuation, cash-flow testing, stochastic modeling, hedging and due diligence for life insurance and annuities. Fall 2026 co-op/internship for students (in-person weekly in Chicago).

JOB DESCRIPTION SUMMARY

  • Fall 2026 actuarial intern in Life, Financial Risk Management, or Life Technology Solutions
  • Work on M&A due diligence, valuation, cash-flow testing, and stochastic hedging models
  • Hands-on modeling with MG-ALFA and data transformation processes (IDM)
  • In-person in Chicago office weekly; flexible arrangements may be considered
  • Ideal for students with 1+ SOA exam passed and Excel/VBA skills

DOMAIN EXPERTISE

  • actuarial modeling in life insurance or risk management
  • variable annuity and fixed indexed annuity modelling
  • valuation modelling (VM-21, GAAP LDTI, BMA EBS)
  • experience with MG-ALFA
  • proficiency in Excel and VBA

KEY REQUIREMENTS

  • Currently enrolled in a Bachelor's or Master's program in Actuarial Science or similar
  • Completion of at least one SOA exam and actively pursuing FSA, FRM, or CFA
  • Ability to work in-person in the Chicago office on a weekly basis
  • Strong quantitative background and aptitude for actuarial modeling
  • Proficiency in Excel and VBA (SAS, C++, C# knowledge a plus)

TECH STACK

  • Excel

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Job Overview

Salary
$52k - $94k
Work Type
Permanent
Full Time

Ideal Candidate Profile

Ideal for a current actuarial or quantitative student with 1+ SOA exam passed, interested in life and annuity valuation, M&A and risk management, and comfortable building models in Excel/VBA and learning MG-ALFA.

Student

Benefits

401(k) PlanHigh 401(k) MatchPaid Time OffCommuter BenefitsWellness Program
Shortlist Forming
Closing Soon
80d
80 days ago

Strategy: Speed over Perfection

By Day 21, visibility drops significantly. Recruiters are focusing on existing candidates.

"Don't wait for a cover letter. The requisition could close tomorrow. Apply now."

Job Overview

Salary
$52k - $94k
Work Type
Permanent
Full Time

Ideal Candidate Profile

Ideal for a current actuarial or quantitative student with 1+ SOA exam passed, interested in life and annuity valuation, M&A and risk management, and comfortable building models in Excel/VBA and learning MG-ALFA.

Student

Benefits

401(k) PlanHigh 401(k) MatchPaid Time OffCommuter BenefitsWellness Program
Shortlist Forming
Closing Soon
80d
80 days ago

Strategy: Speed over Perfection

By Day 21, visibility drops significantly. Recruiters are focusing on existing candidates.

"Don't wait for a cover letter. The requisition could close tomorrow. Apply now."

Life/Consultancy/Intern Level
Milliman

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

Milliman•Chicago, United States•2mo ago
HybridIndividual AnnuitiesIndividual Life ProtectionLife Annuity OtherM&AAsset-Liability ManagementRegulatory Reporting