Quantitative Developer

17-Chicago FRM
71 S. Wacker Drive
31st Floor
Chicago, IL 60606, USA

The Quantitative Development group, within Milliman’s Financial Risk Management Practice ("FRM"), 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.

Quantitative developers in FRM develop capital markets models and implement them as modules in appropriate languages (C++, C#, Python, Excel VBA). These modules support trading functions within active hedge programs and serve as calculation engines for stochastic‑on‑stochastic financial projections of hedge strategy performance.

• Design models of exotic derivatives appropriate for pricing exercises, setting hedge positions, and projecting hedge strategy performance
• Implement derivative models as VBA, C++, and C# modules
• Develop both risk neutral and real‑world economic scenarios used for hedge strategy testing purposes
• Calibrate capital markets models to market prices and historical capital markets data
• Develop trading strategies and perform historical regression tests

Job Knowledge

Required:

• Demonstrated knowledge in quantitative finance.

Experience and Soft

Skills Required:

• Degree:
  Masters in math, physics, engineering, computer science or quantitative finance
• Specific Credentials: progress towards CFA/FRM or similar
• A minimum of three months of relevant work experience (inclusive of internships) is required.
• Good communication skills, both written and verbal
• Ability to work in a fast‑paced environment where the client is always our first priority.
• Proven record of reliability and dedication to high quality work
• Sharp critical thinking skills, sound judgment, and decision‑making ability.
• Ability and willingness to clearly articulate ideas.
• Strong written and verbal communication skills
• Ability to work both collaboratively and independently.
• Results‑oriented work ethic

Additional Knowledge and Skills to Build:

• Advanced quantitative academic degree, preferably in math, physics, or quantitative finance.
• Successful progress toward CFA and/or FRM designations.
• 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.
• Proficiency in programming languages including C++, C#, Java, and appreciation of object‑oriented software design.
• Strong communication skills, capacity for leadership, and creative problem solving.

The salary range for this role is $90,620 – $145,130, depending on a combination of factors, including, but not limited to, education, relevant work experience, qualifications, skills, certifications, location, etc.

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 Final date to receive applications for this job is February 1, 2026.

• 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 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.

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.

This employer is required to notify all applicants of their rights pursuant to federal employment laws. For further information, please review the Know Your Rights notice from the Department of Labor.