Title: Quantitative Development Intern - Winter 2027 Location: Chicago, Illinois, USA Posted Date: 2026-10-06T20:16:45.644Z Job Category: Employment Type: Full time Department: Internship
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. #LI-SL1| #LI-HYBRID
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About Milliman
Milliman is an independent actuarial and consulting firm founded in 1947. Based in Seattle, the company maintains a global presence with offices across multiple continents. It employs over 4,500 professionals who provide consulting services in healthcare, employee benefits, life insurance, and financial services. The firm serves a diverse client base including government agencies, educational institutions, and private businesses.
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