Actuary

Special thanks to Yossi Sirote for providing the information for this article.

Actuary is one of the few fields where Olim actually have an advantage over Israeli born and trained professionals. The primary employers of actuaries – insurance companies and pension plans – actually prefer to hire US/UK trained actuaries over actuaries who are trained in Israel.

Over 120 actuaries are currently working in Israel. Each year, actuaries from abroad make Aliyah and find employment in Israel.

Integrating into the Israeli job market is easiest if you come on Aliyah at least with half of the actuarial exams behind you, as well as two or three years of professional experience. If you arrive in Israel without any professional experience, you are competing against native-born Israelis who have the advantages of fluent Hebrew and Israeli cultural knowledge. About 10 Israeli actuaries graduate from the Haifa University program each year.

After you make Aliyah, you can continue to take actuarial exams in Israel. Society of Actuary exams and Casualty Actuarial Society exams are proctored twice each year, and registration is through the SOA and CAS normal channels.   Note that in the U.S. and Canada, there is usually more support for taking the actuarial exams while working. Insurance companies there give actuaries time off to study for the exams and provide bonuses for each exam that that is passed. In Israel, the same degree of support is not usually available.

As in the U.S. and Canada, the best positions in the actuarial field go to individuals who have passed all of the actuarial exams and have several years of experience.

While actuaries in Israel earn much less than their counterparts abroad, their wages are comparable to what Israeli professionals are earning in fields such as accounting and hi-tech. Salaries for actuaries making Aliyah with a few years experience and a few exams range between approximately 10,000 NIS a month for less experienced actuaries to 18,000 NIS a month (or more) for an FSA or FCAS. 

A good working knowledge of Hebrew is essential, and it is strongly advised to take Ulpan upon arrival. Job seekers with Hebrew skills find it easier to enter the job market. Most of the industry has a fairly good command of English, so you will be able to communicate with others during your first years here, however eventually you will need to have a good command of Hebrew. 

• The Israel Association of Actuaries: http://www.actuaries.org.il/.
  Phone: 972-3-566-1155. For an English language article about actuary see: http://www.actuaries.org.il/article_page.asp?id=228&scid=197. You can write to the organization directly at: info@actuaries.org.il.

Interview with Yossi Sirote, Actuary

Give a brief description of your field. An actuary performs statistical and financial analysis, mostly for insurance companies.

What is your current position? I am Chief Actuary of Zion Insurance Company, and Health Actuary of Harel Investments Holdings Company.

How did you find your job? I made a pilot trip, via Tehilla, about a year before we made Aliya in which I made contracts. Before coming I sent out letters and resumes to all the contacts I had made. There were several nibbles, but no bites. As soon as I came (literally the next day) I started setting up interviews. B"H there were a few bites. I chose the job that offered the highest salary.

What experience do you need to get into your field?
Actuary exams and work in an US insurance company.

What experience do you need to get the position you have? I am a Fellow of the Society of Actuaries (FSA), and have about ten years experience.

What degree should someone making Aliya come with in order to break into your field / get a decent position in your field? Pass as many of those actuary exams as possible.

Does it make any difference whether you studied in Israel or abroad? US experience is best. Experience in the UK, South Africa, or any other developed foreign country is valued. I recommend getting your degree before you make Aliya.

What is the salary range? It depends how many actuarial exams you have passed and how much experience you have.

What are the benefits? FSA's should expect a car. Other benefits are standard Keren Hishtalmut, Bituach Menahalim....(standard employee benefits)

Describe the personal growth opportunities that exist. Give me a break. There is personal growth in making Aliya, but it is not necessarily a wise career move.

Who are the major employers in your field? Insurance companies.

What are the upcoming areas of specialty you would recommend? There is a shortage of casualty actuaries in Israel.

What is the professional organization ( if any) in your field. How can they be contacted and what do they do? The Israel Association of Actuaries Business Address: 1 Goldberg St., Tel-Aviv 65784 Israel, Phone 972-3-566-1155 Fax 972-3-566-1177. President: Dov Raphael. Dov is South African and speaks perfect English.

What recommendations can you offer the oleh looking to work in this field? Take the actuary exams before making Aliya, but don't forget to make Aliya.

How do you feel about working and living here in Israel? Working is OK, Living in Israel is great. I like to say the quantity of life is lower in Israel, but the quality is greater (it sounds better in Hebrew).

Other advice: If you're making Aliya it doesn't hurt to speak Hebrew. In my opinion the best job market is in COMPUTERS! If you have any questions feel free to write yossi@sirote.net or call me at home 972-9-774-5727.