What are the responsibilities and job description for the Quantitative Developer position at Milliman?
The Department
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.
The Role
Quantitative developers in FRM develop capital markets models (with applications including market-consistent valuation of assets and liabilities, quantitative risk analytics, and simulation analysis of risk management strategies), and implement as modules appropriate programming languages (e.g. 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.
Specific Responsibilities Include
Job Knowledge Required:
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.
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 February 1, 2026.
Milliman Benefits
We offer a comprehensive benefits package designed to support employees’ health, financial security, and well-being. Benefits include:
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.
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.
The Role
Quantitative developers in FRM develop capital markets models (with applications including market-consistent valuation of assets and liabilities, quantitative risk analytics, and simulation analysis of risk management strategies), and implement as modules appropriate programming languages (e.g. 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.
Specific Responsibilities Include
- Designing models of exotic derivatives appropriate for pricing exercises, setting hedge positions, and projecting hedge strategy performance
- Implementing derivative models as VBA, C , and C# modules
- Developing both risk neutral and real world economic scenarios used for hedge strategy testing purposes
- Calibration of capital markets models to market prices and historical capital markets data
- Developing trading strategies and performing historical regression tests
Job Knowledge Required:
- C /C#/Java experience
- Demonstrated knowledge in quantitative finance.
- Degree/Degree field: Masters in math, physics, engineering, computer science or quantitative finance
- Specific Credentials: progress towards CFA/FRM or similar
- Years industry experience: No requirement
- Years functional experience :1
- 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.
- Both the ability and willingness to clearly articulate your ideas.
- Strong written and verbal communication skills
- Ability to work both collaboratively and independently.
- A results-oriented work ethic
- The ability to work independently and in a team environment.
- Obtained an advanced quantitative academic degree, preferably in math, physics, or quantitative finance.
- Make 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.
- Demonstrated proficiency in computer programming languages including C /C#/Java, and has an appreciation of object-oriented software design.
- Demonstrated 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.
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 February 1, 2026.
Milliman 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 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.
Salary : $90,620 - $145,130