Research regarding the ability to convert military resources into valuable social resources (convertibility) focused on the macro-level. These researches examined the influence of various mechanisms on the ability to convert military service into objective rewards in the civilian sphere and labor market. The aim of this research is to focus on a neglected part in the research of convertibility: the micro-level analysis that emphasizes the subjective dimension. We argue that soldiers are motivated by, evaluate and perceive their military service through the capitals they acquire during military service which they expect, or not, to convert into the civilian sphere and labor market. The article presents a comparative analysis of veterans from the Israeli and British militaries, based on interviews with soldiers who served in both combat and non-combat roles.