Trading Intern (Financial Risk Management) - Summer 2026 Term (May/June Start Date)

Who We Are

The Chicago office of Milliman Inc. is looking for bright, enthusiastic and qualified candidate to work in their Financial Risk Management (FRM) practice.

Milliman's rigorous, distinctly innovative approach to risk management is built on a foundation of actuarial expertise and shaped by some of the most advanced thinking in the industry. Whether you're looking to improve capital efficiency, comply with regulatory requirements, or guard against market volatility, Milliman offers a complete range of operational, strategic, and financial risk management solutions and tools.

We have 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, and capital requirements.

We hire the best in the business-and then trust them to do their work their way. It's about personal responsibility, creativity, flexibility. We believe great work happens in great work environments.

Our culture is highly collaborative with value placed on high quality work and innovation.

The Department/Team

Milliman Financial Risk Management LLC is a market leader in the field of trading and risk management of global portfolios of securities and derivatives, to manage capital market risks for insurance companies, pension plans, endowments, funds and other financial institutions. FRM traders located in Chicago, London, and Sydney operate as an integrated team to provide these services to clients across the globe. FRM is committed to continual research and development to maintain and enhance its position as an industry leader in financial risk and portfolio management. For further information about Milliman and FRM, please visit our website www.milliman.com/frm.

Your Role/What You'll Do

As a summer intern, you will assist the ETF Trading team in intra-day and end-of-day processes and activities for the trading desk, working with Portfolio Management, Operations, and Trading Technology. You will be working with traders responsible for trading a wide range of securities and derivative instruments, including equity and fixed income securities, ETFs, futures and options, and OTC derivatives.

Typical Duties and Responsibilities

• Assist in booking transactions into trading systems and models
• Work with Operations for position matching, trade allocations and other post-trade activities
• Assist traders in end of day functions such as verifying NAV calculations, checking position tables, disseminating creation/redemption baskets etc.

Your Qualifications

• You are working toward a Bachelor's in business, finance, economics or similar degree
• You have some experience, or strong interest in trade support ETFs, securities, and/or derivatives in equity, fixed income or foreign exchange markets
• Ability to understand the broader investment objectives behind trades
• Strong analytical and information technology skills are desirable
• Good communication skills
• Ability to multitask and thrive in a fast-paced environment
• Maturity, good judgment, and a professional demeanor

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.

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.