Investment Analyst Intern

Who We Are

Milliman’s Financial Risk Management (FRM) practice is composed of 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, capital requirements, and mergers and acquisitions.  

The Role 

The Intern role will have a diverse workload spanning institutional investment consulting, fund product management, and financial management. Your work may focus on investment fund performance and attribution reporting, fund benchmarking, regulatory financial reporting, as well supporting our ETF business in a product management capacity.      

Your Responsibilities: 

• Evaluate investment fund performance across asset classes, develop portfolio attribution, and commentary. 
• Assist consultants in creating client presentations. 
• Support RFPs and due diligence questionnaires for new business opportunities. 
• Write code in Python or VBA to automate financial performance metrics across large datasets. 
• Conduct market research related to investment management and investment consulting. 
• Work across portfolio management, marketing, and legal teams to complete time-sensitive tasks. 
• Assist with fund financial reporting and related fund administration duties.  

Time Commitment: This internship is a full-time seasonal position that requires significant time commitment and is not typically completed at the same time as college coursework. Our interns are available to work during standard business hours (8:30a – 5p, Monday – Friday) and willing to work extended full-time hours (at least 37.5+ hours per week).  

What an Internship with Milliman Can Offer You:  

• The opportunity to work on real projects that deliver value for our clients.  
• Mentorship from experienced professionals in your field.   
• Hybrid work arrangement (3 days per week in the office) providing you with the opportunity for in-person connection with your colleagues and larger intern cohort.  
• Professional development opportunities, including weekly Lunch & Learn sessions to help you learn more about the work of our firm.  
• Our downtown Chicago office offers easy access to public transportation, a variety of dining options, and numerous cultural attractions giving you the chance to be immersed in the city.  
• Our intern program serves as our talent pipeline for post-grad hiring, with interns making up the majority of the new hire additions to our team. 

In addition, we offer our interns weekly practice lunches, exam study time allowance for those pursuing FSA, CFA, or FRM credentials, and relocation, and housing stipends for those who are eligible. 

Job Knowledge, Experience Skills 

Job Knowledge Required:

• Currently enrolled in a Bachelor’s program in Finance, Economics, Actuarial Science, or a related field with strong emphasis on mathematics, quantitative analysis, and/or programming. 
• Ability to code in Python or VBA to automate financial calculations across large datasets. 

Experience and Soft Skills Required:

• Strong project management skills, including clear communication and effective time management. 

• Demonstrated analytical and creative problem-solving skills; able to work independently and collaboratively. 

• Self-motivated with intellectual curiosity and a results-oriented work ethic. 

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 April 1, 2026.

Compensation

The overall hourly rate range for this role is $21.00 - $43.00. A combination of factors will be considered, including, but not limited to, education, relevant work experience, qualifications, skills, certifications, etc.

Benefits

We offer competitive benefits which include the following based on plan eligibility:

• Employee Assistance Program (EAP) – Confidential support for personal and work-related challenges.
• 401(k) Plan – When an employee reaches 1,000 hours worked within 12 consecutive months, they become eligible for a 401(k) plan that includes a company matching program and profit-sharing contributions.
• Paid Time Off (PTO) – Begins accruing on the first day of work; Interns, Temporary, and Seasonal
  Employees will earn PTO each pay period, based on 1 hour for every 30 hours worked.
• Transportation – Pre-tax savings for eligible transit and parking expenses.

Equal Opportunity

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.