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Internship Financial Risk Management Jobs in Illinois

inlandgroup

Director of Risk Management

Oak Brook, IL · On-site

The Inland Real Estate Group of Companies, a diversified real estate, investment, and financial services organization, is seeking an experienced Director of Risk Management to lead and advance our ...

Wintrust

Risk Management Officer

Rosemont, IL · On-site

Wintrust provides community and commercial banking, specialty finance and wealth management ... Provide independent model risk management and support for the VP of Model Risk as follows: Model ...

Henry Crown & Company

Head of Risk Management

Chicago, IL · On-site

$350K - $420K/yr

We are a private enterprise with more than a 100-year legacy and track record of financial success ... Establish risk management and E,H,S policies, procedures, and guidelines. * Identify and analyze ...

Wintrust

Risk Management Officer

Rosemont, IL · Hybrid

Wintrust provides community and commercial banking, specialty finance and wealth management ... Provide independent model risk management and support for the VP of Model Risk as follows: Model ...

Peterson Technology Partners

Model Risk Analyst

Chicago, IL · On-site

$75K - $125K/yr

... management practices. * Automate and Optimize: Recommend new ways to automate and improve the modeling process, ensuring efficiency and accuracy in our financial risk assessments. What You Can Expect:

CC Industries

Head of Risk Management

Chicago, IL · On-site

$350K - $420K/yr

We are a private enterprise with more than a 100-year legacy and track record of financial success ... Establish risk management and E,H,S policies, procedures, and guidelines. * Identify and analyze ...

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Showing results 21-40

All JobsFinancial Risk Management JobsInternship Financial Risk Management JobsInternship Financial Risk Management Jobs in Illinois

Internship Financial Risk Management information

What is the difference between Internship Financial Risk Management vs Financial Risk Analyst?

AspectInternship Financial Risk ManagementFinancial Risk Analyst
CredentialsEnrolled in or recent graduate of finance, economics, or related fieldBachelor's or master's in finance, economics, or related field; certifications like FRM are a plus
Work EnvironmentInternship setting, learning-focused, supervisedFull-time professional role, analytical, reporting, and decision-making
Industry UsageEntry-level, training position within financial institutionsMid-level to senior role in banks, investment firms, or corporations

Internship Financial Risk Management positions are designed for students or recent graduates gaining foundational experience, while Financial Risk Analysts are full-time professionals responsible for assessing and managing risks. Internships serve as a stepping stone toward becoming a Financial Risk Analyst.

What types of projects or tasks can an intern expect to work on in a financial risk management internship?

As a Financial Risk Management intern, you can expect to support the team by assisting with risk assessments, data analysis, and reporting on financial exposures. Interns often work closely with analysts and managers to help identify potential market, credit, or operational risks within the organization. You may also contribute to the development of risk models, participate in team meetings, and prepare presentations or documentation for senior stakeholders. This hands-on experience not only enhances your analytical skills but also offers valuable insight into how risk management strategies are implemented in the financial sector.

What are the key skills and qualifications needed to thrive as an internship financial risk management?

To thrive in an Internship Financial Risk Management role, you need a solid understanding of finance, economics, quantitative analysis, and typically be pursuing a relevant degree such as finance, economics, or mathematics. Familiarity with risk management software, Excel, and statistical tools like SAS or R is often required. Strong analytical thinking, attention to detail, and effective communication skills set candidates apart. These skills are crucial for accurately assessing financial risks, supporting decision-making, and contributing to a firm's risk mitigation strategies.

What is an internship in financial risk management?

An Internship in Financial Risk Management is a temporary position, usually for students or recent graduates, where you gain practical experience working with risk management teams in finance-related companies. Interns support the identification, analysis, and mitigation of financial risks, such as market, credit, and operational risks. They often assist in collecting data, creating risk reports, and learning about regulatory compliance and risk assessment tools. This internship helps build foundational knowledge for a career in financial risk management.

What are the most commonly searched types of Financial Risk Management jobs in Illinois?

The most popular types of Financial Risk Management jobs in Illinois are:

Internship Financial Risk Management jobs near you

Actuarial Analyst - New Graduate - 2026 Start Dates - Chicago Life, FRM, LAPA, and LTS Practices

Milliman

Chicago, IL • On-site

Full-time

Medical, Dental, Vision, Life, Retirement, PTO

Re-posted 25 days ago

Milliman rating

8.5

Company rating: 8.5 out of 10

Based on 7 frontline employees who took The Breakroom Quiz

Job description

This role is based in Chicago and is not a remote opportunity. The person/people hired for this role will be required to work in-person in the Chicago office on a weekly basis, but we will discuss flexible work arrangements during the interview process.
Actuarial Analyst - New Graduate Opportunity
The Chicago office of Milliman Inc. is looking for enthusiastic and qualified candidates to join its Life and Financial Services practice. The candidate will be assigned to work in either the Mergers and Acquisitions or the Financial Risk Management group. The two groups work closely together on mergers and acquisitions projects and other assignments such as risk-based capital impact analysis.
Mergers & Acquisitions
Milliman is the industry leader in merger and acquisitions; we have been either on the seller or buyer side of all major transactions for the last 20 years. When it comes to sorting through the complexities of insurance industry mergers and acquisitions, Milliman offers unparalleled experience. We have been involved in all successful life M&A transactions in the past five years, representing value in excess of $100 billion. Our sophisticated financial models are relied upon to deliver accurate projections and valuations of company assets. Because we never serve as a broker, we are a trusted source of independent analysis on a proposed deal's valuation, merits and weaknesses. In many cases, the deal valuation is only the beginning, and we are brought on to consult management on implementation and post-transaction action plans
Financial Risk Management
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, capital requirements, and mergers and acquisitions.
About Milliman
Milliman is among the world's largest providers of actuarial and related products and services. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe. We are owned and managed by our principals-senior consultants whose selection is based on their technical, professional and business achievements. Milliman is the preeminent Life and Financial Services practice in the United States, and we are rapidly establishing our presence in the global market. With more than 60 years of actuarial experience, Milliman's Life and Financial Services practice is well positioned to help clients analyze, understand, and mitigate risk in an era of regulatory change financial uncertainty.
Job Responsibilities
Mergers & Acquisitions
The Mergers and Acquisitions role would potentially be involved in the following type of projects:
  • Merger and acquisition projects, covering a range of valuation metrics and functions including pricing, modeling, asset liability management, cash flow testing, statutory, tax, and GAAP valuation.
  • Merger and acquisitions due diligence including review of assumptions, risks and operations of the business.
  • Evaluating the appropriateness of modifying product features in reducing a company's risk exposure
  • Other projects including development of new products for financial services companies, risk-based capital impact analysis and developing economic capital models under various frameworks

Financial Risk Management
The Financial Risk Management role would potentially be involved in the following types of projects:
  • Designing and executing scalable dynamic hedging programs to manage equity guarantee risk and meet strategic risk management objectives
  • Pricing and developing new products for financial services companies
  • Building stochastic models for hedging, GAAP, statutory valuation, and/or appraisals of Variable Annuities and/or Fixed Indexed Annuities business
  • Merger and acquisitions due diligence including review of assumptions, risks and operations of Variable Annuities and/or Fixed Indexed Annuities business
  • Evaluating the appropriateness of exotic derivatives in reducing a company's risk exposure
  • Determining the impact of various risk management programs with respect to M&A transactions

During the interview process we will talk with candidates about whether they have a preference to be assigned to one team or the other.
Skills & Attributes
Required:
  • Graduate of a program in Actuarial Science or another degree similarly focused on mathematics, quantitative analysis and/or programming
  • Completion of at least three Society of Actuaries (SOA) exams and actively pursuing the FSA, FRM or CFA designation
  • Minimum of one prior Actuarial internship

Desired:
  • Actuarial internship experience which is preferably technical in nature where you could both learn and use your technical skills
  • Strong quantitative background with actuarial modeling experience in life insurance, risk management or investments
  • Understanding of capital markets and modern finance concepts (option pricing, portfolio theory, etc.)
  • Proficiency in Excel and VBA. Knowledge of SAS, C++, C#, and other programming languages a plus
  • Experience with MG-ALFA or other actuarial valuation software would be an asset
  • 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

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.
    • 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.

Compensation
The salary range for this role is $66,330 - $116,270, 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.
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.
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.

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About Milliman

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Milliman delivers market-leading services and solutions to clients worldwide. Today, we are helping companies take on some of the world's most critical and complex issues, including retirement funding and healthcare financing, risk management and regulatory compliance, data analytics and business transformation.

Industry

Business management consulting

Company size

1,001 - 5,000 Employees

Headquarters location

Seattle, WA, US

Year founded

1947

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