| Aspect | Milliman | Actuary |
|---|
| Credentials | Typically requires a degree in mathematics, statistics, or actuarial science; professional actuarial exams | Requires passing actuarial exams and obtaining professional certification (e.g., ASA, FSA) |
| Work Environment | Consulting firm environment, client-facing, project-based | Insurance companies, consulting firms, government agencies; analytical and risk assessment roles |
| Industry Usage | Used in consulting, actuarial services, risk management | Commonly employed in insurance, pensions, finance sectors |
Milliman is a consulting firm that employs professionals with actuarial skills, while an actuary is a credentialed professional specializing in risk assessment and financial modeling. Both roles require similar credentials and often work in related industries, but Milliman professionals may also serve in broader consulting capacities beyond traditional actuarial work.