Who We Are
Milliman is an actuarial consulting business which has been around for just over 70 years with about 5,000 people globally.
Our Financial Risk Management (FRM) practice is built on decades of actuarial work, helping institutional clients assess and manage their risk. Established in 1998, our practice has a well-established history, advising on and managing client assets for more than 25 years. We provide investment advisory, derivative execution, hedging, and consulting services on more than AUD $350 billion in global assets (as of 31st December, 2025)
We have a focused, multi-disciplinary team of more than 200 actuaries, financial engineers/capital market professionals, and technologists working together to develop leading investment and risk management solutions for the financial services industry. We currently advise and support some of the world’s largest insurance companies and asset owners in areas such as hedging strategy, derivative-based overlays and retirement product design.
We hire the best in the business—and then trust them to do their work their way. It's about personal responsibility, creativity and 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 FRM is seeking a bright, enthusiastic Quantitative Analyst to join its Actuarial/Quantitative team in Sydney.
Our Sydney office is a close-knit team with a unique intersection of actuarial and capital markets expertise carrying a strong heritage of managing financial market risks for institutional investors. Our team is on a strong growth trajectory and focused on delivering sophisticated investment solutions spanning derivative overlays for superannuation, hedging and ALM programs for global insurers and systematic risk management strategies for managed accounts. We also provide consulting services to the superannuation industry on retirement products and strategy.
The Actuarial/Quantitative team is key pillar in the delivery of these engagements and plays a critical role in shaping Milliman’s capabilities in servicing our client base.
Your Role/What You’ll Do
In response to our growing client base, we have created a new role in the Actuarial/Quantitative team. The role will support the quantitative development of key liability and asset models supporting our large-scale and sophisticated ALM and dynamic hedging mandates, as well as derivative overlays for clients both in Australia and in the Asia-pacific. The role will also provide quantitative modelling for consulting projects with a focus on retirement income strategy and retirement product development.
This is an excellent opportunity for the right candidate to gain invaluable experience in vanilla and exotic derivatives, embedded guarantees and ALM programs at the highest level and across multiple perspectives.
Your roles and responsibilities will include:
- Designing and building models to support ALM and dynamic hedging programs to manage market risks for insurers;
- Designing and building risk and valuations models to manage sophisticated derivative overlays for our superannuation fund clients
- Generating key performance, risk and stress reporting to our clients for these mandates
- Developing and maintaining stochastic models for modelling retirement income strategies and products, embedded guarantee products and systematic investment strategies;
- Providing quantitative support into the development of derivative valuation, risk and attribution models underpinning Milliman’s derivative overlay services for superannuation funds;
- Collaborate with non-Actuarial teams within the global Financial Risk Management practice to enhance our quantitative modelling capability, technology supporting our automation platforms
- Leveraging both internally developed models and systems as well as external platforms such as Bloomberg MARS;
- Collaborating closely with capital markets, quantitative developers, and other global Milliman teams to deliver at the highest level for our clients;
- Presenting key deliverables to internal and external stakeholders;
Requirements for ideal candidates
- 3-5 years of quantitative experience in investments, market risk management or retirement income products
- Understanding of capital markets and modern finance concepts (option pricing, portfolio theory, etc)
- Proficiency in Excel and Python, experience of SQL, Python, PowerBI, R, C++, C# and other programming languages is a plus.
- Strong analytical and creative problem-solving skills and able to work 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 results-oriented work ethic
- Sharp critical thinking skills, sound judgment and decision-making ability, and both the ability and willingness to clearly articulate your ideas
- An inherent sense of the value of collaboration
Benefits
- Competitive salary and bonus
- Flexible hybrid work arrangements (3 days in the office, 2 days where you like)
- Dress for your day
- Support for learning and development, including paid study and leave
- Opportunities to travel domestically and overseas
- Opportunities to attend and present at relevant industry conferences
- Wellbeing initiatives, including Employee Assistance Program
Sponsorship
Only Australian Citizens or Permanent Residents will be considered for this role.
Milliman is an Equal Opportunity Employer
Milliman is fully committed to the maximum utilisation of all human resources and the goals of Equal Employment Opportunity. We recruit, hire, train, promote, and consider qualified applicants for employment, in all job titles without regard to age, ethnicity, colour, relationship status, political opinion, race, religion, sex, sexual orientation, gender identity, pregnancy, mental or physical disability, and shall not discriminate against any individual, or any other characteristic protected by law.