Quantitative Developer

Who We Are

The Chicago office of Milliman Inc. is looking for bright, enthusiastic and qualified candidates to work in their Financial Risk Management (FRM) practice.

Milliman's rigorous, distinctly innovative approach to risk management is built on a foundation of actuarial expertise and shaped by some of the most advanced thinking in the industry. Whether you're looking to improve capital efficiency, comply with regulatory requirements, or guard against market volatility, Milliman offers a complete range of operational, strategic, and financial risk management solutions and tools.

We have a focused, multi-disciplinary team of actuaries, financial engineers/capital markets professionals and software developers working together to develop risk management solutions for the financial services industry. We currently advise some of the world's largest insurance companies in areas such as hedging strategy and operations, portfolio risk management, and capital requirements.

We hire the best in the business-and then trust them to do their work their way. It's about personal responsibility, creativity, flexibility. We believe great work happens in great work environments.

Our culture is highly collaborative with value placed on high quality work and innovation.

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 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 candidate must have:

• Masters degree in math, physics, engineering, computer science or quantitative finance
• Years of industry and functional experience: Entry level role to 4 years experience

• C++/C#/Java experience, demonstrated object oriented programming knowledge
• Demonstrated knowledge in quantitative finance
• The ability to read, write and communicate clearly in English

The ideal candidate will have:

• Prior internship experience, preferably in Financial Mathematics and in a technical role
• Obtained an advanced quantitative academic degree, preferably in math, physics, or quantitative finance
• Made successful progress toward CFA and/or FRM designations. We may consider candidates who haven't started yet, but are interested in obtaining these credentials we will support, financially).
• 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++/C#/Java, and has an appreciation of object oriented software design
• 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

Compensation

The salary range for this role is $86,680 - $138,820, depending on a combination of factors, including, but not limited to, education, relevant work experience, qualifications, skills, certifications, location, etc.

Milliman 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.
  • 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.

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.

All qualified applicants will receive consideration for employment, without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or status as a protected veteran.