Vault’s Verdict

OUR SURVEY SAYS 

Vault Verdict: Few firms score as highly in terms of overall employee satisfaction as Milliman—a fact that is attributable to a combination of factors. First, the firm seems to take exceptionally good care of its people, offering compensation and benefits that are among the best in the industry, while also working hard to ensure that the "busy season" every spring doesn't become overwhelming. Additionally, the firm also offers employees the opportunity to get hands-on with clients from early in their tenure, and offers a solid pipeline of exit opportunities when employees do find themselves ready to move on. 

In terms of industry outlook, meanwhile, the firm seems to be on a solid footing, with a strong brand name in its niche, and a suitably busy pipeline to boot. This is a firm that will suit the entrepreneurial at heart, and particularly those who are comfortable operating in an environment where training opportunities tend toward the ad hoc and on-the-job, rather than pre-determined classroom-style sessions. 

Firm Culture 

"We are independently held, no shareholders to make happy or to pay dividends, all revenue stays within the firm. Milliman consultants are adaptable, diverse, very bright, and learn to understand why our culture is so important to how we got to this point and how it will serve the younger folks very well as they become the future leaders. It is no question the gold standard business model in actuarial consulting. I would also put our total comp package ahead of any other firm. I feel like I have had no 'boss' for 15 years but have only been a partner for under three."

"Milliman is a great place for someone that is ambitious, that likes to choose their opportunities and steer the direction of their career. It can be a tough place for those that are less creative and good at working outside of the box because there is not a lot of infrastructure."

"It is very prestigious and the name can help you build your business. It is a great place for those with an entrepreneurial spirit. Milliman also takes technical accuracy and quality very seriously."

"Develop a depth and breadth of experience like nowhere else."

"Your career path is up to you."

"Fantastic—the best actuarial consulting firm and practice in the US."

"Milliman is a place where you can pursue your dreams and accomplish your goals."

"The best place in the world for a top quality, ambitious health actuary to work."

"Focus on people rather than dollars creates a satisfied workforce that does better work."

"We care about our people and our clients evenly and are doing what is needed to balance the two. Professionalism at its highest level and just plain fun people to work with every day (internally and the clients we choose to service). Milliman gives you back what you contribute yourself, it is very fair that way both financially and in other ways."

"No other firm is privately held, large and run by actuaries. We have the control and the resources to develop actuarial and strategic work that is second to none."

Quality of Life 

"Very demanding but that comes as much from our clients as anything."

"They really push you to give all you can but with work-life balance in mind."

"My firm believes in work-life balance. Hours can be flexible to accommodate employee needs."

"Cyclical workloads make certain times of the year very busy. We provide as many offsets to this as possible to make the experience more favorable including a lighter schedule offseason to offset the busy season and restore life balance. During the busy season we provide complimentary meals often (lunch and dinner). Little things make our practice stand out."

"Health actuaries tend to have a busy season. I think that is tough to have such seasonal bid work with a federal deadline. Besides that, I believe work-life balance is what you make of it, and the firm is supportive of that."

"Hours can be rough during the spring, but firm does many things to help during that time period and after: teams scheduling at least one night and one weekend day off; catering dinners; utilizing staff from other office; bonuses and extra PTO outside busy season; events (e.g. picnic) to show appreciation to families supporting employees."

"The best aspect is we have a huge commitment to work-life balance and while sometimes the scale tips towards working too much, we are constantly looking for ways to get it back into balance. Our staff is willing to work hard because they know we are constantly striving for balance."

"Best: Opportunity to work with hard-working high-integrity highly-intelligent people (both colleagues and clients). Worst: Sometimes our focus on profit weakens our focus on long-term development of individuals and esprit de corps."

Career Development 

"There are very few formal training opportunities but the work is great and the on job training happens quickly."

"People are open and honest—that is the best. The worst is the internal political struggles."

"My firm is very flexible in allowing employees to chart their own course toward a position that interests and engages them. Partners are very approachable and willing to discuss career development."

"Very self paced and self directed. It's not for everyone, but those who thrive in this environment would not consider working anywhere else. You have the ability to find what you like on your terms and timeline and get to see all aspects of health-related business from long term care, Rx, provider, ACA, government (Medicare, Medicaid, etc.) and employer."

"If you need significant hand holding and supervision, this is not the place for you typically."

"Our firm has an entrepreneurial spirit which is good if you are an ambitious person that takes your opportunities. It is tougher for people that may thrive in a more structured and task oriented environment."

"Best aspect: you drive your career path based on your interests/strengths that integrate well with business objectives; no career map to follow; those who are self reliant will do well in this type of culture. Worst aspect: hard to explain firm development/culture to interviewees during recruitment."

"Best aspect is that you set your own career path and the only thing that stands in the way to you taking that path is your own effort."

Compensation 

"There are a lot of excellent perks. Besides my personal favorites, we do have telecommuting, onsite gyms, maternity/paternity policies, free parking/transportation reimbursements, free food/beverages, and other meaningful programs."

"Milliman generally has a very fair salary relative to the industry but a much higher than average bonus payout and therefore higher overall comp, particularly if things get very busy. We have 401(k) and significant profit sharing which helps build a retirement account at a faster pace than most firms. Making partner is fair and equitable for both the buying and selling partner and there is always room for partners who prove they are worthy (no need to wait for your boss to retire to get 'his/her job'. Milliman is very much a 'pay it forward' firm that respects the intergenerational compact that has been part of our culture since the beginning."

"Maternity leave is sparse. Paternity leave is non-existent."

"[Compensation is] highly aligned with job level responsibilities and activities that create success for the entire firm. Very merit-focused."

"We have a phenomenal compensation structure that rewards individuals very well at EVERY level, but still has that carrot out there to want to get to the next level. The culture is one where the partners are very generous with how much they pay out in bonus when they could easily have more stay in their pockets. This generosity has created a very dedicated staff."  

Outlook 

"We are not led from the top. The partners lead from within."

"Our health care consulting business is growing so rapidly that it creates management/resource challenges. We have addressed these issues head on and now limit the amount of growth we are willing to accept. The government is dictating many aspects of healthcare and insurance vehicles in ways that are often hard for companies to understand and manage. Our biggest risk is that the government goes too far and runs too many good companies into the ground or into forced mergers. I do not anticipate this being a concern for the next five to ten years. After that, it's anyone's guess. Until then, it makes for very interesting, challenging, competitive and lucrative work with a wonderful growth opportunity for the younger members of the firm in particular."

"Overall, we are trained to be out of the box thinkers and detail oriented which makes us well positioned in any industry. Bid work I think overall can commoditize the actuarial profession, and drive down employee morale. But outside of that, we are very strong."

"The significant changes occurring in the industry ensure continued growth in the short to medium term."

Hiring Process 

"Self-starter. Willing to work long hours. Entrepeneurial. Must be able to work very well in teams. Must regulate yourself in terms of work-life balance as people are always willing to provide opportunities to have more billable hours."

"Phone screening, followed by a Montage video conference response to a number of questions, followed by a full day onsite with eight hours of two on one interviews. Very comprehensive, very time consuming and very worth it! We make the decision at that point."

"The first interview is a three hour session called top grading, and the other sessions are shorter and have behavioral sessions. Each session has a different behavioral question associated with it, so that the person does not get asked the same question over and over again. And each interviewer has a different topic to discuss about the firm. In addition, the interviewees have a chance to ask questions."

Interview Tips and Questions

"Describe the trickiest problem you have faced and how you approached solving it."

"Do you like puzzles?" 

"We use a system authored by Brad Smart I believe is called 'topgrading'. It seems to work well."

"In the past year, what specifically have you done in order to remain knowledgeable about the competitive environment, market and trade dynamics, products/services and technology trends, innovations, and patterns of consumer behavior?"

Diversity and Social Responsibility 

"Actuarial science is a high IQ business which many people shy away from due to the credentialing process. Consulting is similarly demanding, requires some travel and some flexibility in scheduling. The combination of the two limits the available pool of potential resources. However, I would consider our practice diverse in many ways, not because we have sought it out, but because those interested and qualified were judged on the same basis."

"We have ethnic, gender, sexual preference and other diversity consistent with the industry." 

"We don't focus on diversity specifically but expect professionalism such that diversity is not an issue, it's just a reality of who is qualified and driven. People advance based on merit and nothing more or less."

"With respect to philanthropy, many of our colleagues are very involved in various activities, including presidents and board members of local charities. We strongly encourage people to live balanced lives but do not force corporate campaigns on our employees (such as United Way Drives, for example, but not to single them out)."

"We are committed to being a respectful and accommodating firm for all groups, but performance is the highest priority."