Portfolio Management Analyst - New Graduate

The Department 

Milliman Financial Risk Management LLC is a market leader in the field of portfolio management and risk management, with a focus on trading securities and derivatives to manage capital market risks for banks, asset managers, insurance companies, and pension plans. The Portfolio Management Group, located in Chicago, operates as an integrated team to provide these services to clients across the globe, and currently implements risk management investment strategies on over $50 billion in assets. FRM is committed to continual research and development to maintain and enhance its position as an industry leader in financial risk and portfolio management. 

The Role 

The Portfolio Management Analyst contributes to our client services in a variety of ways, including fund management operations, client reporting, coding projects, documentation work, and client presentation materials. Portfolio Management Analysts are responsible for the completion of our regular fund management operations, including our daily strategy calculations, scheduled and ad-hoc client reports, and programming automation tools to support the team’s workflows. 

Your Responsibilities: 

• Participate in an immersive learning experience to familiarize yourself with our operational process and systems for implementation of risk management strategies. 

• Learn through hands-on utilization of Milliman’s risk systems by running daily fund management operations. 

• Compile and verify client reports, including performance attribution reports, risk reports, and portfolio allocation reports. 

• Communicate with fund operations counterparties (custodian banks, fund accountants, trading partners) to reconcile any differences in account statements and ensure accuracy in our representation of fund assets. 

• Develop and build tools and models to assist in strategy development, validation, and client reporting. 

• Develop knowledge of derivative markets and risk management techniques, and provide support for research, consulting, and advisory work. 

 

Job Knowledge, Experience Skills 

Job Knowledge Required 

• Bachelor’s degree with a focus in Actuarial Science, Mathematics, Quantitative Finance, or related fields. 

• Ability to work effectively with Microsoft Office, in particular Excel/VBA, PowerPoint, and Word. 

• Strong understanding of financial markets, mutual funds, portfolio management, option pricing or option replication, derivative pricing, and hedging concepts. 

• Coding knowledge and ability to think algorithmically/systematically. 

Experience and Soft Skills Required  

• Strong written and verbal communication skills 

• Proven record of reliability and dedication to high quality work. 

• Strong record of professional examinations and continued pursuit (SOA Exams, CFA Exams, FRM Exams). 

• Sharp critical thinking skills, sound judgment and decision-making ability, and both the ability and willingness to clearly articulate your ideas. 

• Demonstrated aptitude for quantitative and critical thought. 

• Ability to work in a fast-paced environment where the client is always our first priority. 

• Ability to work both collaboratively and independently. 

• Object oriented programming experience and working with databases (SQL, Access). 

• Experience with Microsoft Power suite (Power Apps, Power Automate, Power BI). 

 

Milliman & FRM Practice Mission, Values, Competencies

Our mission is to serve our clients to protect the health and financial well-being of people everywhere. We are influential market leaders, solving important problems through our deep subject matter expertise.

In fulfilling this mission and values, Milliman’s professionals are helping our clients answer significant questions, such as:

• How can people provide for themselves when they no longer work?
• How can our clients efficiently finance, deliver and improve healthcare?
• How can an insurer protect its clients against the risks they face?

Since its founding in 1947, Milliman is dedicated to enduring values that govern our actions in the marketplace.

• Quality – Milliman’s advice, products and client service adhere to the highest standards of quality.
• Integrity – Milliman’s people demonstrate integrity in all that we do. We are committed to honesty and professionalism in our interaction with our clients and colleagues, including independent advice free of conflicts and a culture of inclusion and respect for all colleagues.<