Internship Merchant Risk Analyst Jobs in Lombard, IL

Individual(s) must be legally authorized to work in the United States without the need for immigration support or sponsorship from Milliman now or in the future.

Milliman’sCMH Health Practice islooking for Actuarial Analysts tojointheir vibrant, dynamic, and growing practice. ActuarialAnalysts (referred to as Professional Staff)will have the opportunity to work in a wide variety of areas within the healthcare industry, while working alongside some of the leading experts in the field. 

Who WeAre 

Independent for more than 75 years, 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, healthcare financing, risk management, regulatory compliance, data analytics, and business transformation.

Job Responsibilities 

• Perform data analysis using Excel, SAS, and proprietary Milliman programs to assist with consulting for various healthcare segments (Medicare Advantage and Part D, Commercial / ACA, Medicaid, Long Term Care, Pharmacy, Provider, and more) 
• Participate in consulting activities to include pricing, reserving, financial projections, model development, forecasting, and mergers and acquisitions
• Responsible for reviewing the work of peers and assisting with research and product development 
• Coordinate with Consultants, Managers, Professional Staff, and Interns as a project team to present client reports and deliverables 
• Responsible for the majority of the technical work, which may include analyzing data, completing actuarial calculations, developing and utilizing actuarial models, and implementing software solutions 

Minimum requirements 

• Bachelor’s ormaster’sdegree in actuarial science, mathematics, economics, finance, accounting, or another major with quantitative course work  
• At least two actuarial exams passed
• 0-4 years of actuarial or related work experience – it is preferred candidates have prior relevant experience through internships, academic projects, or employment
• Thoroughunderstanding of Microsoft Excel and actuarial concepts 
• Must be able to work onsite at least three days (60% of the time) per week at one of our three CMH Health office locations (Chicago, Illinois, Milwaukee, Wisconsin, or Hartford, Connecticut)

Actuarial Analysts (Professional Staff) working for CMH Health for less than 18 months are required to work in one of our three office locations at least three days (60% of the time) per week.

Competencies and Behaviors that Support Success in this Role 

• Ambition and excitement for professional development within the actuarial field 
• Good academic standing (3.2 grade point average or above is preferred)
• Previous internship or relevant work experience
• Leadership experience and involvement in extra-curricular activities
• Experience working with SAS,VBA, or other coding languagesis advantageous 
• Experience with Medicare Advantage and Part D programs, Medicaid programs, commercial individual/group insurance, employer health benefits, pharmacy, or provider risk-taking programs strongly preferred 
• Strong communication skills (both verbal and written) 
• Analytical thinking skills to evaluate analyses fordownstream impact 
• Can complete project deliverables, meet deadlines, and ensure compliance with quality procedures 
• Strong time management skills 
• Ability to work independently andin a team environment 
• Client-focused andresults-oriented 
• Demonstrates integrity in all functions of work 

The Team 

Milliman is one of the leading experts in healthcare financing and delivery. We advise clients on a wide range of issues—from assessing the impact of healthcare reform on organizations or populations to streamlining operations while advancing the quality of patient care. Our consulting work is supported by a powerful toolkit of data analytics solutions and informed by the most trusted, comprehensive set of cost guidelines in the industry. 

Through a team of professionals ranging from actuaries to clinicians, technology specialists to plan administrators, we offer unparalleled expertise in employee benefits, investment consulting, healthcare, life insurance and financial services, and property and casualty insurance.

Location:

Candidates must be able to work onsite at least 60% of the time at any one of our three CMH Health office locations (Chicago, IL, Milwaukee, WI, or Hartford, CT). The expected application deadline for this job is January 17, 2027.

Compensation:

The overall salary range for this role is $60,300 - $136,160. For candidates residing in:

Connecticut and Illinois:

• $69,345 - $121,555 if overall experience is less than 2years; and
• $77,740 - $136,160 for experience greater than 2 years

Wisconsin:

• $60,300 - $105,700 if overall experience is less than 2 years; and
• $67,600 - $118,400 for experience greater than 2 years

A combination of factors will be considered, including, but not limited to, education, relevant work experience, qualifications, skills, certifications, etc.

Benefits to working onsite: At CMH Health we value the growth and development of our Analysts. Working on-site during your first 18 months provides you with many benefits, to include mentorship from experienced actuaries, hands on training and development, face-to-face collaboration, communication, and engagement with your team and supervisor, along with experiencing our practice culture. These experiences will provide you with a great start in your career with 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 11 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.

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