CPA in Israel
In the past 15 years there has been an ongoing increase in demand for accountants in Israel. Israel is a leading market regarding international trade. Israel’s high tech industry has developed in the past 15 years disproportionately to the country’s size. In addition to the high tech industry, there are many other fields in which Israeli companies export a significant percentage of their product. The significant expansion of international trade and of electronic trade has enhanced the importance of the expertise of every CPA in Israel who has to be familiar with international accounting and auditing in addition to the Israeli laws and standards.
There are many programs to choose from in order to qualify to be a CPA in Israel. Most of these programs combine accountancy studies with a first degree in economics. There is no requirement to acquire a first degree in order to become a CPA in Israel. However, a degree definitely provides any new CPA with an advantage over any CPA without a degree. Most universities in Israel offer programs which include accountancy studies. As noted, most programs combine accountancy studies with studies towards a degree in economics, yet there are programs which combine studies towards being a CPA with a degree in additional fields such as law.
Prerequisites for acceptance to most programs which qualify students to become a certified CPA in Israel are considerably high. Accountancy studies in Israel are considered hard and vigorous, yet interesting and rewarding. Most programs which train students to become certified CPA’s in Israel take 4 years. The first 3 years are devoted to completing a first degree which combines accountancy studies. The 4th year is devoted mainly for preparing for examinations administered by the IAC (the Israeli Accounting Council). In order to become a certified CPA in Israel one must pass the IAC examinations and perform a two year internship in a certified accounting firm. The first year of internship is combined with the 4th year of study. Students who complete a first degree in accounting before taking the accountancy certification exams are exempt from a significant part of the exams.
As of May of 2008, there are close to 11,000 CPA in Israel. As noted, there is a developing demand for accountants which is likely to continue in the upcoming years. Since Israel is undergoing a significant change in accountancy standards, there has been a rising demand for interns and beginning accountants who were trained to work by the new accountancy standards.
Since there is a demand for accountants is Israel, the level of income of most CPA’s in Israel is significantly higher than the average income. During the period of internship, the income is not that attractive. On the other hand, once one is qualified to be a certified CPA in Israel, he or she is likely to find a job with a reasonably high income level and many fringe benefits. In addition to working in accountancy firms, companies are showing a growing demand for accountants as CFOs. There are a significant number of accountants who choose to work as CFOs in companies after completing their internships in accounting firms.
In short, the field of accountancy in Israel offers an interesting and rewarding challenge. Anyone who wishes to become a certified CPA in Israel is expected to experience a demanding and vigorous program which leads to joining one of the most wanted and rewarding professions in Israel.
Raveh-Ravid & Co. is one of the largest and leading CPA firm in Israel. We provide services that include accounting in Israel, Corporate taxation in Israel and more CPA services.