top of page

Credit Risk Actuary (CRA) Certification Program

Each module in the CRA certification program consists of 7 study sessions (6 academic hours each) + one practical session in a computer class + an exam session.  Transition between the modules is contingent upon compliance with the requirements of the module. One can participate in any of the modules and gradually accumulate them until earning the CRA certification, in a period not exceeding 3 years. After earning the CRA designation, one can register only to one specialization module (MRA, ORA, IRA, LRA and PRA) in order to earn an additional financial actuarial science (MRA, ORA, IRA, LRA and PRA).


One can participate in the 5 modules of the CRA certification program also under the continuing education programs and not in order to obtain the CRA designation. In this case one is not required to complete previous modules as a prerequisite and those modules will not include passing exam and/or submiting a report.


In order to earn the CRA designation the candidate will have to complete the exams of all the modules, in which he or she was not tested.


At the end of the CRA certification program in order to earn the CRA designation, one is required to prepare a CRA report, such as the reports prepared by leading professionals in Israel and abroad in the field of credit risk actuarial science.


The CRA report will accompany the certified CRA in meetings with potential employers or in his or her activitiy as a owner of a financial advisory office and will constitute as a entary ticket and a signal that he or she is familiar with the world's best practices in the field of the CRA certification.


The cost of each module in the certification programs which includes 48 academic hours over eight weekly sessions is 5,000 NIS (VAT & registration fee included).
Opening date: October 8, 2015.


The studies will take place on Sundaysat Levinsky College Campus, Tel Aviv, beween 16:30 to 21:30.

The parking is free and one can easily arrived by public transport. 


Module Registration Application (PDF)


Module FA201: Foundations of Financial Actuarial Science (PDF)


Module FA202: Quantitative Analysis (PDF)


Module FA203: Financial Markets and Products (PDF)


Module FA204: Valuation and Financial Actuarial Science Models (PDF)


Module FA206: Credit Risk Actuarial Science (PDF)

Credit Risk Actuary (CRA) Certification Program

The CRA certification program includes 240 academic hours divided into 5 modules (courses), 48 academic hours each. The first four modules are common to all the financial actuarial science certifications (MRA, CRA, ORA, IRA, LRA and PRA) and module 5 is the CRA module.

The Israel Association of Valuators and Financial Actuaries (IAVFA) is a professional organization, an institution for professional training and a body which specializes in placing professional employees in the financial sector in Israel. IAVFA strives to voluntarily regulate the professions of valuation and financial actuarial science in Israel, both by setting pre-qualification requirements, ethical principles for practitioners in these professions, and by training and certifying quality professionals for these professions. IAVFA provides both placement services in order to integrate its credentialed members in leading positions within the Israeli labor market, and mediation services between valuation consumers and valuation specialists.

bottom of page