Consulting Actuary – Life Practice (Experienced FSA)

The Department/Team
We are a team of consultants with deep actuarial subject matter expertise in individual life and annuity insurance products. Combined with our expertise in technology, financial modeling, and analysis, this enables us to provide our clients with advanced analytics and insights required to develop a comprehensive understanding of the business and to make informed decisions.

Your Role/What You’ll Do     
The Consulting Actuary role is to be involved in a variety of assignments potentially including pricing, modeling, mergers and acquisitions, asset liability management, cash flow testing, statutory, tax, and GAAP valuation.

You will focus on:

• Modeling and financial projections for actuarial appraisals
• Development and analysis of experience studies and actuarial assumptions
• Asset adequacy analysis and cash flow testing
• Actuarial due diligence for merger and acquisition 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 economical capital frameworks
• Implementation of Milliman’s financial modeling and technology solutions, focused on our proprietary MG-ALFA and Integrate platform-based solutions
• Other projects including development of new products for financial services companies, risk-based capital impact analysis, and developing economic capital models under various frameworks

Job Knowledge, Experience Skills

Job Knowledge Required:

• Undergraduate degree in Actuarial Science, or a similar mathematical or quantitative program of study
• Attainment of the FSA designation with the Society of Actuaries (SOA)
• Minimum of 7 years of full-time work experience in an actuarial role

Experience and Soft Skills Required:

• Strong quantitative background
• Proficiency in Excel, VBA and SAS
• Insurance product modeling experience, and MG-ALFA and Integrate experience, in particular
• Ability to analyze and apply creative problem solving both independently and within a team
• Self-motivated individual with a sense of intellectual curiosity and a results-oriented work ethic
• Proven ability to handle multiple projects and tasks, prioritizing and meeting deadlines
• Strong written and verbal communication skills, along with the ability and willingness to clearly articulate ideas
• The desire and ability to work in a fast-paced environment where the client is always first

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 30, 2026. 

Compensation

The salary range for this role is $119,025 - $214,820, depending on a combination of factors, including, but not limited to, education, relevant work experience, qualifications, skills, certifications, location, 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

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.

Salary : $119,025 - $214,820