Consulting Actuary (FSA Required) - Financial Risk Management

Company: Milliman Ireland
Location: Chicago
Posted on: April 6, 2025

Job Description:

Consulting Actuary (FSA Required) - Financial Risk ManagementJob Category: ActuarialRequisition Number: CONSU009278Posted: March 17, 2025Employment Type: Full-TimeWork Arrangement: HybridLocationsShowing 1 locationLocation: 17-Chicago FRMChicago, IL 60606, USADescriptionThe DepartmentMilliman Financial Risk Management LLC is a market leader in the field of portfolio management and risk management, focusing on trading securities and derivatives to manage capital market risks for banks, asset managers, insurance companies, and pension plans. The Portfolio Management Group, located in Chicago, operates as an integrated team to provide these services to clients across the globe, currently implementing risk management investment strategies on over $50 billion in assets. FRM is committed to continual research and development to maintain and enhance its position as an industry leader in financial risk and portfolio management.We are a team of more than 60 actuaries with deep subject matter expertise in equity-based insurance guarantee products, providing our clients with advanced analytics required to develop a comprehensive understanding of the business and make informed strategic and risk management decisions.The RoleYou will be involved in a variety of assignments in the area of mergers & acquisitions, asset liability management, cash flow testing, valuation, financial reporting, and financial modeling. Some examples include:

• Modeling and financial projections for actuarial appraisals
• Development and analysis of experience studies and actuarial assumptions
• Asset adequacy analysis and cash flow testing
• Buy-side 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 economic capital frameworks
• Implementation of Milliman's financial modeling and technology solutions, focused on our proprietary MG-ALFA and Integrate platform-based solutions
• Participate in an immersive learning experience to familiarize yourself with our operational processes and systems for implementation of risk management strategies
• Designing and executing scalable dynamic hedging programs to manage equity guarantee risk and meet strategic risk management objectives
• Pricing and developing new products for financial services companies
• Building stochastic models for hedging, GAAP, statutory valuation, and/or appraisals of Variable Annuities and/or Fixed Indexed Annuities business
• Merger and acquisitions due diligence including review of assumptions, risks, and operations of Variable Annuities and/or Fixed Indexed Annuities business
• Evaluating the appropriateness of exotic derivatives in reducing a company's risk exposure
• Determining the impact of various risk management programs with respect to M&A transactionsJob Knowledge, Experience, and SkillsJob Knowledge Required:
  • Undergraduate degree in Actuarial Science or a similar quantitative program of study
  • Attainment of the FSA designation with the Society of Actuaries (SOA)
  • Minimum of 5 years of full-time work experience in an actuarial role (excluding time spent in internship roles)Experience and Soft Skills Required:
    • Strong quantitative background with actuarial modeling experience in life insurance, risk management, or investments
    • Strong understanding of financial markets, mutual funds, portfolio management, option pricing, or option replication, derivative pricing, and hedging concepts
    • Proficiency in Excel and VBA; knowledge of SAS, C++, C#, and other programming languages is a plus
    • Experience with MG-ALFA or other actuarial valuation software would be an asset
    • Ability to analyze and apply creative problem-solving both independently and within a team
    • Excellent project management skills, including communication and time management skills
    • Self-motivated individual with a sense of intellectual curiosity and a results-oriented work ethicCompensationThe salary range for this role is $118,140 - $200,860 depending on a combination of factors, including education, relevant work experience, qualifications, skills, certifications, and location.LocationCandidates 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.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 MillimanAll 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.Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities
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Keywords: Milliman Ireland, Chicago , Consulting Actuary (FSA Required) - Financial Risk Management, Professions , Chicago, Illinois