Nefesh BNefesh

Financial opportunities in Israel have traditionally been restricted to the unionized banking sector, which meant limited job options for Olim. Almost all Israeli financial institutions were owned by the same three banks, and investment or financial investment opportunities were relatively undeveloped.

However, the development of the global economy combined with recent changes in Israeli tax laws, has broadened the types of work opportunities that are available in the world of finance. Changes in tax laws now encourage Israeli investment abroad, opening doors for Olim to be involved as investment consultants. Bank Leumi is being privatized, and it is possible that in the near future big banks will be obligated to sell their mutual funds, encouraging the development of new companies that promote these services privately.

As with many fields, the critical factor in the financial market is flexibility. If you make Aliyah with a background in banking or finance, it is unlikely that you will find a job in Israel identical to that which you had in the U.S. or Canada. The market is significantly different in Israel, and you will probably have to switch gears and apply your background and skills to the different types of opportunities that are locally available.

For example, there are fewer jobs in Israel in management; middle management is rare, and managers usually move into their positions by developing expertise in a certain area, i.e., by starting out in a non-managerial position and then being promoted. On the other hand, for a wide range of positions in Israel, the professional expertise and knowledge of international markets that you bring with you from abroad is sought after.

If You’re Looking for a Senior Position:
If you make Aliyah with extensive professional experience, figuring out where you fit into the local job market may require both creativity and openness. It is best not to approach the job market seeking to find a position like you held in the U.S. Instead, try to identify what knowledge you bring to the table, which a native Israeli does not have. Keep in mind the following golden rule: “What does Israel need that I can offer?” This differs significantly from the traditional job seeker’s question: “How can I find a job, doing what I like to do best?”

The following are a few general pointers to help you identify
where you will best fit in:

• Speak to Israeli colleagues before you make Aliyah. Find out what aspect of your professional experience is most valuable to the local market.

• Utilize your connections abroad to help you identify job options here. Business contacts in the U.S. may lead you to both contacts and business opportunities in Israel.
• Don’t underestimate the importance of your native English skills. Many companies value having an English speaker on staff.
  
  
• If you come with a background in management, don’t expect it to land you a parallel position in Israel. Native Israelis have an advantage over Olim when it comes to management positions. Instead, focus your job search either on small companies or on American companies. Alternatively, find a position in a large Israeli environment where seniority is not the key factor – for example, you might land a job in an Israeli firm as VP of Marketing, a position where your knowledge as a foreigner and experience with U.S. clients is valuable.

If You’re Looking for a Junior Position:
If you are young and arrive in Israel without a lot of work experience, jumpstart your career by immersing yourself in Israeli society, language and culture. Get a job – any job – that will help you improve your Hebrew and gain experience with Israeli cultural expectations and norms. Consider volunteering for three weeks in the Israeli army, an experience that will teach you more about the Israeli mentality than almost anything else. After you have been working in Israel for awhile and have adapted culturally, you will be ready to begin the search for your ideal position.

If you are looking for an entry level position related to banking or finance, you might want to consider starting out in a management training program in a bank (see details below) or else looking for a position in a large accounting firm such as Ernst & Young, Price WaterHouse Coopers (PWC), KPMG or DeLoitte & Touche.

Online Resources

The following sites provide information about the Israeli market and local financial institutions:

• The Marker: www.themarker.com
• Globes provides up to date information about the Israeli economy:  http://www.globes.co.il/serveen/
• Comprehensive list of all of the banking institutions in Israel and their websites:  Science and Technology home page www.science.co.il.
• Basic economic and financial information can be found at http://www.standardpoor.co.il/ and http://www.dundb.co.il/.
• Ministry of Finance: Hebrew site, http://www.mof.gov.il/Pages/default.aspx , English site: http://147.237.72.111/mainpage_eng.asp, background summary of Israeli economy:  http://147.237.72.111/research_e/fResearch-e.htm?trends2005.htm
• Israel Accounting Standards Board: http://www.iasb.org.il/
• Government Companies Authority: http://www.gca.gov.il/GCA/HomePage/  
• Israeli Securities Authority: www.isa.gov.il
• Tel Aviv Stock Exchange: www.tase.co.il
• Bank of Israel: http://www.bankisrael.gov.il/  
• Online calendar of events: http://illuminea.com/events/
• Listing of venture capital firms in Israel: http://www.science.co.il/venture-capital-funds.asp

Two year management training programs are offered by the following Israeli banks (listed in order of program size):

• Bank Hapoalim: http://www.bankhapoalim.co.il/
• Bank Leumi LeIsrael: http://www.leumi.co.il/
• Bank Discount: http://www.discountbank.net/cgi-bin/inetcgi/discount/front/indexpage.html
• United Mizrahi Bank: http://www.mizrahi.co.il/cgi-bin/bvisapi.dll/Mizrahi/pages/homepage.jsp
• First International Bank of Israel: http://www.fibi.co.il/FIBI/site/he/homepage.asp

The training involves coursework and exams in investments and loans. After passing both of these exams, you will take a separate exam to become a signatory, after which you will be eligible to apply for management or assistant management positions within the bank.

To apply for a training program, send your CV with a cover letter to the HR department of each bank. The programs are often not advertised, and the information is only available by contacting the bank directly. If you come with a strong background in the field from abroad, you may be exempt from part of the program. For contact numbers for each bank, see http://science.co.il/Banks.asp.

Marketing Financial Products 

Excellent opportunities are available in Israel, which involve marketing financial products to the international community. Sales positions, in particular, can be very lucrative. You may find that a position in sales is a good first step into the Israeli business world.

Especially if your Hebrew is not fluent enough to conduct business locally, a job involving work with potential overseas customers can be a good start.

If marketing and sales are a serious change in direction for you, you might consider expanding your skill set before you approach the Israeli job market. For example, if you are interested in working as a sales person, Dale Carnegie Training offers courses in sales. If you are interested in becoming a marketing consultant, you might want to polish your writing skills, as the field of "Marcom", Marketing Communications, is now in demand by many companies.

Opportunities in Financial Services

The Israeli market for personal financial services is well established, though it is not as sophisticated as the parallel market in the U.S.

The Israeli life insurance market is well established with companies like:

• http://www.harel-group.co.il/english/
• http://www.mof.gov.il/hon/bituah/bite01.htm
• http://www.worldwide-tax.com/israel/isrinsurence.asp
• www.clalbit.co.il  
• www.migdal.co.il  
• www.phoenix.co.il

The following are links to various pensions and savings funds:

• Old pension funds: http://www.mof.gov.il/hon/2001/pension/old_found.asp
• New pension funds: http://www.mof.gov.il/hon/2001/pension/new_found.asp
• Kupot Gemel: education/disability/unemployment funds: http://147.237.72.127/kupot_gemel/kg_gemel_main.htm

There are about 40 private asset management firms in Israel. Following are examples:  

• www.meitav.co.il
• www.analyst.co.il
• Further details on asset management firms may be found on the www.aonline.co.il website using the Search function.

International Investments

In January 2005, taxes on international investments were reduced significantly, making it attractive for Israelis to invest abroad. This change is likely to spur the growth in international investment consultancy, an area in which most Israelis are not familiar.  If you are knowledgeable about investment opportunities abroad, you may find prospects in this field. For more information about investment banks and private funds in Israel, see
www.ivc-online.com.

Professional Licensing

If you are interested in working for a bank or private financial institution, consider getting an SEC license. For more information see the Israeli Securities Authority site: www.isa.gov.il.

Financial Positions in the Corporate World

There are professional opportunities available for olim in the Israeli corporate world. A person with the requisite experience can find a position as a CFO, controller or assistant controller for an Israeli company.

To find out about these types of jobs, it is important to develop a strong network of professional contacts, since many positions are filled without being advertised. In addition, job seekers can find out about opportunities through employment agencies and headhunters.

Using Headhunters

The following Israeli recruitment agencies focus on financial positions:

• http://www.spoint.co.il/ 
• http://www.shiluv-job.co.il/ 
• www.codex.co.il

Networking through Pilot Trips

It is difficult to apply for jobs before you make Aliyah, as employers are not interested in applicants before they’ve made the big move. But you can help yourself jumpstart the process by creating a network of professional contacts. Come to Israel several months before your Aliyah on a short, job-related pilot trip. Meet with professional contacts and establish personal relationships with them. If you keep in touch with your contacts after your pilot trip, you will have a network in place when you come on Aliyah.  Many Olim land jobs through people they initially met on pilot trips. 

The Nefesh B’Nefesh Employment Department is happy to provide potential olim with contacts in their fields. Please write to us at employment@nbn.org.il.

Interview with Shuey Fogel

A special thank you to Shuey Fogel, Director of Non-Profit Services at U-Bank, for participating in this interview. If you have further questions, please be in touch with Shuey at jfogel@u-bank.net.

Please provide us with a brief description of your work.
I am the Director of Non-Profit services at U-Bank. My job entails developing and creating products and services tailored to the non-profit sector.  An integral part of my job is being up-to-date on non-profit trends, regulations and practices.

How did you find your job?
I have been working in banking for three years. Before banking, I worked in non-profits in America and Israel. I got into bank services for non-profits through a contact.

What degree should someone making Aliyah come with, in order to break into your field?
It is important to have an undergraduate degree; however, what subject you decide to study is less important than the fact that you are a university graduate.

Once you start working, you get a lot of on-the-job training, especially because different banks use different systems. Banks also offer different courses in related areas, to help you become a better banker.

Salaries are higher for college graduates. Keep in mind that raises are hard to come by and you may keep your starting salary for a long time. 

An MBA is helpful, but it is not required to initially get a job. Graduate degrees help pad your resume and help you advance within the field.   For more senior positions, the more education you have, the better.

Do you need Hebrew to work in your field in Israel?
While there are positions available at banks and branches that cater to international clients, Hebrew knowledge is essential. If you only speak English, you sell yourself short. There are a lot of people going for the same positions. If you don’t fit into the larger bank framework, it’s hard to get a job. 

What are the benefits of working for a bank?
You receive savings plans, a pension, six-year savings plans (tax free), a good health plan (that may or may not include dental services), and a life insurance policy. You get a reasonable number of vacation days. The banks also cover travel expenses to and from work, and sometimes they provide you with lunch.
Sometimes in higher-level positions, the bank will provide you with a cell phone and a car.

What is the salary range?
Non-manager banking salaries range from 6-12,000 NIS/month, depending on the nature of your position. Sometimes you can negotiate for a higher salary. It is important to negotiate a good starting salary because you frequently retain the salary that you start with. A promotion in the bank entails adopting additional responsibilities, but does not necessarily involve receiving a raise. The best way to get an increase in salary is to switch banks.

What are the upcoming areas of specialization that you would recommend?
Investments are important. It is a good idea to get your investment license here in Israel.

Credit analysis is also a good area to have experience in, because it is more universal.

What recommendations can you offer Olim who are interested in working in this field?
It is best to get into banking in Israel at a young age. Banks usually expect you to start at the bottom and work your way up. It can be difficult for Olim who are established bankers abroad, to get into the system here at their previous level.

For more senior positions, I would recommend that you come with as much experience, education and skill as possible. It is best to come with expertise.

For example, English-speaking accredited financial advisors are always in demand and earn a higher salary. In order to work as a financial advisor here, you need to be approved in Israel. This requires that you take a course, pass two tests, and intern for six months. I recommend that you do this as early as possible. You will not make much money as an intern, but banks will usually hire their interns after completing the six-month internship. Being an advisor will look good should you ever choose to leave banking.

Any advice for students interested in going into your field?
The banking industry is a necessity in Israel.  A lot more is done through the bank here than in other countries.  Understanding different banking procedures and concepts can help you in whatever you eventually settle into.

It is best to start young.  The first years don't necessarily offer higher salaries -- and married couples with kids might not be able to afford "roughing it" for the first couple of years that you work in the field.

How do you feel about working and living here in Israel?
I am very happy here in Israel. One of the most exciting things about living here is the community that we live in, Elazar. Of course, I know that Israel is not perfect, but you can either become part of the solution -- or you can watch from the sidelines. The work is tough, but it’s also satisfying.  I try to help out non-profits as much as I can.  I don't think there is another Israeli banker that sleeps as well as I do. 
I’ll add that work was tough for those first couple of years, but we pushed through it, to fulfill my dream of living here.

Other advice?
Be as flexible as possible!

Special thanks to Daniel Schwab (www.kayema.com) and Jonathan Goldstein for their contributions to this article.