SAA and ALM Consultant

The Department/Team

The Chicago Life team is composed of consultants with deep actuarial subject matter expertise in individual life and annuity insurance industry. Combined with its expertise in technology, financial modeling, and analysis, they are enabled to provide clients with advanced analytics and insights required to develop a comprehensive understanding of the business, and to make informed decisions.

The SAA and ALM Consultant is involved in a wide variety of assignments in the area of asset liability management, mergers & acquisitions, and financial modeling. Your responsibilities based on examples of such assignments include:

• Portfolio construction and asset/liability management analysis
• Researching and developing asset allocation and hedging strategies for effective ALM across variety of product lines
• Risk and capital assessment, including RBC and economical capital frameworks
• Due diligence of strategic asset allocations and ALM for transaction support
• Evaluating the appropriateness of ALM and hedge strategies in reducing a company's risk exposure

Job Knowledge

Required:

• Bachelor's degree or higher in financial engineering, mathematics, computer science, statistics, or other quantitative fields
• Attainment of the CFA designation
• Minimum of 5 years of applicable full-time work experience (excluding time spent in internship roles)

Experience and Soft

Skills Required:

• Creative problem solver with an aptitude for complex technical work
• Strong quantitative background in life insurance, risk management or investments
• Proficiency in Excel and VBA. Knowledge of Python, C++, C#, and other programming languages a plus
• 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 ethic

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 March 31, 2026.

The salary range for this role is $120,635 – $199,065, depending on a combination of factors, including, but not limited to, education, relevant work experience, qualifications, skills, certifications, location, etc.

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

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.

Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities. 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.