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Anyone who wants to work as a financial or economic advisor for companies or businesses will need to pass professional examinations and act within the framework of a license - according to a new law proposed by the new chairman of the Knesset Finance Committee, Yisrael Beiteinu's Stas Misezhnikov. The proposed bill passed its preliminary reading in the Knesset yesterday.

The proposal was initiated by the Israeli Business Consultants Association, which wants to legally establish the profession, with professional criteria and licensing. The new law would also apply to business coaching and to those employed in valuations of companies and property, a business that will undergo a vast expansion because of Israel's move to international accounting standards.

According to the proposed law, the new requirements for consultants will include academic degrees, a course and an apprenticeship of 12 months with a certified consultant in order to receive the license.