Quantitative Trader and Risk Manager

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

Milliman FRM LLC is seeking a Quantitative Trader and Risk Manager to join its Capital Markets Group as a member of the trading team in Chicago. The new team member will play a critical role in growing the organization’s capabilities to trade a wide range of cash securities and derivatives, including fixed income, equities, FX, ETFs, and related exchange traded futures and options, and OTC derivatives. The trading team executes securities and derivatives transactions in domestic and international markets, to achieve best execution and meet client portfolio management objectives. In addition to trade execution, the trader will contribute to the development of modeling frameworks and investment solutions that support hedging and asset-liability management (ALM) strategies for insurance and reinsurance clients.

Your Role/What You’ll Do

• Typical Duties and Responsibilities
• Identify and monitor market risks in fast-moving markets
• Support the development of investment and hedging solutions aligned with client-specific ALM objectives
• Design and enhance quantitative models and tools for risk management, derivatives pricing, and portfolio optimization
• Analyze portfolio risks and develop trading strategies
• Assist in designing advanced risk and trading models and tools
• Communicate risk profile to clients, fellow traders, and analysts
• Monitor positions and execute risk rebalancing transactions
• Value derivative products and related Greeks
• Evaluate financial and performance attribution reports
• Daily trade blotter management and validation
• Assist Senior Traders in establishing relationships and working with banks and broker/dealers

Your Qualifications

Required:

• A Bachelor’s degree in a quantitative field such as Computer Science, Economics, Engineering, Mathematics, Actuarial Science, or Physics
• 3 - 5+ years of experience in trading, quantitative research for derivatives or traded securities, or in asset-liability management (ALM) and investment solutions for life insurance companies or financial institutions.
• Strong analytical and technology skills
• Experience with electronic trading tools including risk and order management systems, Bloomberg, and other trading related software

Desired:

• Proficiency in Excel and other similar desktop programs and tools
• Programming skills in languages such as C#, Python or other
• Knowledge of financial derivatives and structured products
• Knowledge about annuity and insurance related hedging desirable
• Ability to understand the broader investment objectives behind trade orders and to consult proactively with portfolio managers and investment analysts
• Strong communication skills and the ability to clearly and quickly communicate ideas and recommendations verbally and in writing
• Ability to multitask and thrive in a fast-paced environment
• Maturity, good judgment, and a professional demeanor

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.

The expected application deadline for this job is June 30, 2025.

Compensation

The overall salary range for this role is $93,610 - $154,550. A combination of factors will be considered, including, but not limited to, education, relevant work experience, qualifications, skills, certifications, etc.

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, and employees working less than full-time accrue PTO on a prorated basis.
• Holidays – A minimum of 10 paid 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.

Equal Opportunity

Milliman is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, disability, protected Veteran Status, age, or any other characteristic protected by the law.