Financial and Economic Modelist (FEM) Designation

For those who have an equivalent designation:

Candidates from this group must meet all of the following conditions:

1. Submit a copy of a Certified in Risk Management (CRM) Certificate issued by the International Institute of Professional Education and Research (IIPER); and

 

2. Submit a copy of a financial B.A and/or M.A/M.B.A degree (i.e., economics, finance, management, accounting, or other business field) or B.Sc and/or M.Sc in Exact Sciences (mathematics, computer science, physics, chemistry and life sciences) or in Engineering Sciences from an accredited college or university; and

 

3. Submit a full IAVFA Membership Application (PDF); and

 

4. Submit a full FEM Designation Application (PDF); and

 

5. Submit three personal/business Reference Letter Forms (PDF)

 

For those who have a substantial experience:

Candidates from this group must meet all of the following conditions:

1. Be able to demonstrate with business references or attestations from current or previous employers and/or partners “substantial experience” in the field of financial and economic modeling using Excel. For this purpose, substantial could mean:

  • Submit a letter from an employer which confirms that the candidate worked for at least two years in the field of financial and economic modeling using Excel, subject to the approval of IAVFA's Financial and Economic Modelist Committee; or

  • Submit 10 economic analyses in the field of financial and economic modeling using Excel, where the applicant’s role was significant enough to be referenced in those economic analyses or a signatory on the economic analyses; or

  • Submit a book on financial and economic modeling using Excel, where the applicant is the book's author.

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2. Submit a copy of a financial B.A and/or M.A/M.B.A degree (i.e., economics, finance, management, accounting, or other business field) or B.Sc and/or M.Sc in Exact Sciences (mathematics, computer science, physics, chemistry and life sciences) or in Engineering Sciences from an accredited college or university; and

 

3. Submit a full IAVFA Membership Application (PDF); and

 

4. Submit a full FEM Designation Application (PDF); and

 

5. Submit three personal/business Reference Letter Forms (PDF); and

 

6. Successfully complete the fifth module (i.e., specialization module) of IAVFA's Financial and Economic Modelist (FEM) certification program, which includes 42 hours. Successful completion of the fifth module means successful completion of the module exam and submission of a Financial and Economic Modelist (FEM) report*.

 

For those who hold a Ph.D. in Finance/Economics or a DBA:

Candidates from this group must meet all of the following conditions:

1. Submit a copy of a Ph.D. in Finance/Economics or a Doctor of Business Administration (DBA) from an accredited institution of higher education

 

2. Submit 2 published papers on the subject of derivatives and complex financial instruments valuation, which were published in a refereed and an academic accredited journal, where the applicant is the papers' writer. 

 

3. Submit a full IAVFA Membership Application (PDF); and

 

4. Submit a full FEM Designation Application (PDF); and

 

5. Submit three personal/business Reference Letter Forms (PDF); and

 

6. Successfully complete an interview with IAVFA's Financial and Economic Modelist Committee, where the applicant must be able to demonstrate substantial knowledge of theory, methodologies, and practices in the field of financial and economic modeling using Excel.

 

For Everyone else:

Candidates from this group must meet all of the following conditions:

1. Submit a copy of a financial B.A and/or M.A/M.B.A degree (i.e., economics, finance, management, accounting, or other business field) or B.Sc and/or M.Sc in Exact Sciences (mathematics, computer science, physics, chemistry and life sciences) or in Engineering Sciences from an accredited college or university; and

 

2. Submit a full IAVFA Membership Application (PDF); and

 

3. Submit a full FEM Designation Application (PDF); and

 

4. Submit three personal/business Reference Letter Forms (PDF); and

 

5. Successfully complete the Financial and Economic Modelist (FEM) Certification Program, which includes 240 academic hours divided into 5 modules (courses), 48 academic hours each and receiving a passing score on the submission of a Financial and Economic Modelist (FEM) report*.

 

*Financial and Economic Modelist (FEM) report:

A Financial and Economic Modelist (FEM) report may be used for financial reporting purposes (valuations in accordance with Israeli Accounting Standards, IFRS and US GAAP), for transaction purposes (valuations prior to mergers, splits, spin offs, acquisitions, sale processes and other stractual changes, and transactions with controlling shareholders), for regulatory purposes (valuations for the Israel Securities Authority and SEC), for tax purposes (valuations for the Israel Tax Authority and IRS), or for legal purposes (Valuations in the Divorce Setting and Shareholder Disputes).

 

Following are several examples for a Financial and Economic Modelist (FEM) report:

  • Builiding Computerized Solutions for Financial Planning and Forecasting using Excel's advanced functions and/or by building unique functions in VBA;

  • Builiding Computerized Solutions for Investment Portfolio Management using Excel's advanced functions and/or by building unique functions in VBA;

  • Builiding Computerized Solutions for Options, Futures and Other Derivatives Pricing using Excel's advanced functions and/or by building unique functions in VBA;

  • Builiding Computerized Solutions for Bonds Portfolio Management using Excel's advanced functions and/or by building unique functions in VBA;

  • Builiding Complex Economic Models (including PPP and BOT) using Excel's advanced functions and/or by building unique functions in VBA;

  • Modeling Synergic Premiums, Control Premiums, Minority Interests, Nuisance Value, DLOM (Discount for Lack of Marketability) using Excel's advanced functions and/or by building unique functions in VBA.

 

 

IAVFA Membership Application (PDF)

 

FEM Designation Application (PDF)

 

Reference Letter Forms (PDF)

 

Proper Usage of the FEM Designation

 

FEM Certification Program

 

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FEM - Financial and Economic Modelist.png
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Qualifications for the Financial and Economic Modelist (FEM) Designation

The Financial and Economic Modelist (FEM) designation is awarded by the Israel Association of Valuators and Financial Actuaries (IAVFA), and is the Israeli recognized benchmark professional designation for those who build financial and economic models. The FEM designation ensures that Certified FEMs have mastered the critical knowledge, skills and abilities necessary to perform financial and economic modeling using Excel and VBA.

 

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.