The Department
The Strategy team supports strategy work for Milliman’s Financial Risk Management (FRM), Life Technology Solutions (LTS), and Chicago Life practices working closely with Equity Partners across these practices. The team establishes and leads the strategic planning and operational excellence functions for supported practices, driving strategic initiatives, conducting research and analysis, and implementing tools and frameworks to enhance organizational performance and alignment.
The Role
The Strategy Analyst Intern supports and contributes to business strategy by providing data-driven insights used to advise and develop strategies for new and existing business initiatives. They report directly to the Strategy Manager and work as a collaborative partner as Milliman develops its internal strategy function. This is the first of its kind role within our organization requiring initiative, adaptability, accountability, and autonomy.
Your Responsibilities will include a combination of the below:
Market & Competitive Intelligence
- Conduct secondary research on competitor movements, product launches, and financial performance within the life insurance, asset management, and private equity space.
- Synthesize findings into concise briefing memos for executive consumption.
- Perform market sizing and market opportunity analysis to support new initiatives.
Strategic Framework Support
- Assist in the design and rollout of balanced scorecards across various business lines.
- Participate in discovery sessions with stakeholders; document existing KPIs and identify gaps in current reporting capabilities.
- Develop preliminary data visualization concepts to track progress against strategic initiatives.
- Partner with our Strategy Manager to guide prioritization, ensure work meets our stakeholder’s expectations, and share new ideas and perspectives on how we approach the work.
Strategy Operations
- Support the refinement of CRM workflows and client outreach.
- Assist in the creation of marketing collateral for new initiatives.
- Create internal presentations that communicate the practice’s strategic roadmap.
- Develop a good understanding of our business's model, objectives, issues, and challenges by interacting and collaborating with stakeholders.
Time Commitment: This internship is a full-time seasonal position that requires significant time commitment and is not typically completed at the same time as college coursework. Our interns are available to work during standard business hours (8:30a – 5p, Monday – Friday) and willing to work extended full-time hours (at least 37.5+ hours per week).
What an Internship with Milliman Can Offer You:
- The opportunity to work on real projects that deliver value for our business.
- Mentorship from experienced professionals in your field.
- Hybrid work arrangement (3 days per week in the office) providing you with the opportunity for in-person connection with your colleagues and larger intern cohort.
- Professional development opportunities, including weekly Lunch & Learn sessions to help you learn more about the work of our firm.
- Our downtown Chicago office offers easy access to public transportation, a variety of dining options, and numerous cultural attractions giving you the chance to be immersed in the city.
- Our intern program serves as our talent pipeline for post-grad hiring, with interns making up the majority of the new hire additions to our team.
In addition, we offer our interns weekly practice lunches, exam study time allowance for those pursuing FSA, CFA, or FRM credentials, and relocation, and housing stipends for those who are eligible.
Job Knowledge, Experience Skills
Knowledge & Experience Required:
- Currently pursuing a master’s degree with a focus on Strategy, Finance, and/or Entrepreneurship.
- Strong understanding of strategic frameworks and methodologies (e.g., Balanced Scorecard, Growth-Share Matrix).
- Advanced proficiency in Excel (financial modeling), PowerPoint (storyboarding), and PowerBI (data visualization).
- Experience conducting secondary market research using tools like S&P Capital IQ.
- Proficient in synthesizing data into high-level executive presentations and dynamic models.
Experience and Soft Skills Required:
- Ability to distill complex findings into clear, actionable insights for an executive audience.
- High level of autonomy; able to take a broad objective and return with a structured work plan.
- Skilled at building rapport with diverse stakeholders to gather information and drive project momentum.
- High degree of professional discretion and the ability to interact confidently with senior leadership.
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 March 31, 2026.
Compensation
The salary range for this role is $21 - $43 per hour depending on a combination of factors, including, but not limited to, education, relevant work experience, qualifications, skills, certifications, location, 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.
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.
Top Skills
What We Do
Milliman is among the world’s largest independent actuarial and consulting firms. Founded in Seattle in 1947, Milliman has offices in key locations worldwide. Through consulting practices in employee benefits, healthcare, investment, life insurance and financial services, and property & casualty/general insurance, Milliman serves the full spectrum of business, financial, government, union, education, and nonprofit organizations. In addition to consulting actuaries, Milliman’s body of professionals includes numerous other specialists, ranging from clinicians to economists.
