The Future of Israel's Finance Sector

"Israel is on the verge of taking off," David Woo, a renowned global economist and lecturer at Reichman University recently said.
Woo is a prominent economist and financial strategist who has gained international recognition for his insightful analyses and contrarian perspectives on global markets.

Today he is the CEO of David Woo Unbound, a global forum dedicated to promoting fact-based debates about markets, politics, and economics. Prior to this, Woo served as Head of Global Interest Rates, Foreign Exchange, Emerging Market Fixed Income and Economics Research for Bank of America.

Israel's finance industry today faces considerable challenges, Woo explained, partly due to the region's geopolitical instability.
"Financial development is very important for the economic development of a country," he said. "Israel is a global leader in hi-tech, and it can further develop its financial sector, as well."

As such, after decades on Wall Street, Woo began searching for teaching positions in Israel to try and use his financial expertise to promote the country. He credits his wife, who is Israeli, with instilling in him a deep affection for and connection to Israel.
"I was looking for a program for future portfolio managers, where students can get intense training, gain practical experience, and take part in growing the finance industry in Israel," he said.
Woo said he was immediately drawn to Reichman University where he found a "shared vision" in the MA in Financial Economics (MAFE) program.

"Reichman University's MAFE program is highly recommended for students looking to make the transition into the financial sector here in Israel," he said. "Especially for students who want to come to Israel from abroad and also for Israeli students seeking a global perspective."

"There was a time when all you needed to be successful on Wall St was knowledge of economics. But today, to understand economics you have to understand geopolitics and technology and understand the interconnectedness of these areas and how they interact," he added.

The MA in Financial Economics at Reichman University is designed to provide students with this in-depth knowledge of finance and economics combined with the practical tools and expertise to address the challenges of the global business-economic environment.

The MAFE program, taught in English, is dedicated to students from Israel and abroad who are interested in pursuing a career in finance, whether in the Fintech sector, in investing in public or private markets, or in the global banking industry.
As such, the program is taught by leading financial experts, like Woo, with decades of real-world banking and finance expertise.
As part of the curriculum, students visit London's financial center and are introduced to networking opportunities at top tier institutions such as Goldman Sachs, Blackrock, Citi and many more.

The program also offers internship opportunities to gain experience in the public and private financial sectors.
"Finance is not just written in a textbook - it is learning by doing," he said.

Woo takes a hands-on approach in his course, focusing on real world issues and on developing a working investment thesis. He focuses on what he calls the "four pillars" of his macro framework - "the intersection of economics, politics, geopolitics, and technology."

"To be a macro investor you need to have a prediction of which direction the world is heading," he said. "We work on developing this step by step. There are no exams, students are judged on how good their investment thesis is - would I consider putting my own money in what they come up with?"

"If you want to navigate the new world of finance you have to understand the discipline," he said. "If you do what everybody else does you won't be able to outperform and beat the market. Being successful in this field is about the ability to see where the market is wrong."

He added that in his course, "we not only understand the world and look at the market consensus in a very critical way - but we also combine this with finance theory so the students can develop a point of view that is worth discussing."
The hope, according to Woo, is to teach and train this young generation of finance professionals at a time he dubs a "critical juncture" for the State of Israel.

"I think Israel is on the verge of taking off, insofar as the geopolitical realignment in the Middle East is about to enter its final phase," he explained.

"Israel paid a horrible price on October 7th," he said. "But from this tragedy, if you try to look at the positive today, Israel is the safest it has been - Iran and its terror proxies have been significantly weakened and there is great sentiment for Israel."
He added, "There is growing antisemitism around the world and many Jews, with expertise in finance, are now looking towards Israel - either to make Aliyah or to invest here. In a way the Zionist project has now been revitalized."

Woo said he believes this creates an immense opportunity to develop the finance sector in Israel.

"If you really believe in Zionism, we are at a pivotal moment which, in my view, may benefit the Israeli financial industry and the next
generation of financial economics students," he said.

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