Qualifications Framework level

EQF level

European Qualifications Framework (EQF) has 8 levels (1 – the lowest, 8 – the highest).

Levels reflect the complexity level of acquired knowledge, skills and competences (learning outcomes).


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LQF level

Latvian Qualifications Framework (LQF) has 8 levels (1 – the lowest, 8 – the highest).

Levels reflect the complexity level of acquired knowledge, skills and competences (learning outcomes).

LQF covers stages of education starting from the basic education (level 1 – special basic education) to the highest education (level 8 – doctoral studies).


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6

Level of professional qualification
Latvia has a system of five professional qualifications levels (PQL, 1 – the lowest, 5 – the highest).

PQL system covers only professional qualifications (basic education, secondary and higher education stages).

PQL reflects readiness of a person to perform work of certain stage of complexity and responsibility.
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Learning outcomes

Learning outcomes are knowledge, skills and competences acquired during a certain period of learning.

In Latvia, learning outcomes are stipulated by state education standards and occupational standards (for the professional qualifications).

Learning outcomes of higher education are defined by higher education institutions.


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There has been acquired the basic and specialized knowledge in the spheres related to economics that is demonstrated by critically assessing awareness of the gained knowledge and the ability to apply this knowledge in practice, demonstrating professional competence of an economist;

– there has been developed professional and research competence in the chosen professional field through professional practice, presenting study papers and the results of professional practice and elaborating Bachelor’s thesis.

 

Economist

  • Knowledge

    1. Basic knowledge of:
    1.1. commercial theories.
    1.2. economic system development trends worldwide;
    1.3. commercial law;
    2. Understanding of:
    2.1. tax policy;
    2.2. international economic relations;
    2.3. business communication;
    2.4. statistics;
    2.5. sociology;
    2.6. industry technology;
    2.7. environmental economics;
    2.8. professional terminology in the official language and at least two foreign languages.
    3. Ability to apply knowledge of:
    3.1. macroeconomics;
    3.2. microeconomics;
    3.3. business economics;
    3.4. economic analysis and planning;
    3.5. economic forecast;
    3.6. management science;
    3.7. financial management and analysis;
    3.8. marketing;
    3.9. quality management;
    3.10. project development, management and implementation;
    3.11. information technologies;
    3.12. financial accounting;
    3.13. management accounting;
    3.14. research methodology;
    3.15. environmental protection;
    3.16. official language;
    3.17. two foreign languages at the communication level.
    3.18. labour protection;
    3.19. employment relationship.

  • Skills

    1. To apply theoretical findings in the sector of economics to assess and analyse facts.
    2. To plan and analyse economic activities in product, financial and labour markets.
    3. To understand processes taking place in society and impact thereof on the socio-economic environment.
    4. To understand the legislative process and its effects on business and the economics as a whole.
    5. To assess draft laws and regulations in the economic field put forward for public consideration and provide proposals for improvement thereof.
    6. To evaluate and compare alternative economic activities, evaluate possible consequences thereof.
    7. To establish business goals.
    8. To assess the macroeconomic situation and plan a company’s business operations in accordance with the changing circumstances.
    9. To understand the impact of economic activities on the socio-economic and ecological environment in the short and long term.
    10. To carry out planning of business activities and financial management.
    11. To predict a company’s business activities and factors influencing it.
    12. To select ways of attracting and allocating finance in line with the objectives of business activity.
    13. To understand and analyse interconnections of a company’s basic, financial and investment activities and results thereof.
    14. To establish operating efficiency improvement measures.
    15. To assess the efficiency of investment projects.
    16. To know and apply risk identification, assessment and prevention methods.
    17. To develop a business operation and financial risk reduction plan.
    18. To know and be able to use methods to determine the value of financial assets.
    19. To use financial and statistical information.
    20. To know how to carry out accounting and control of business activities.
    21. To be aware of methods to draw up functional and financial budget and financial reports.
    22. To have a good knowledge of the banking and financial sector and the tax system.
    23. To use appropriate management techniques and forms.
    24. To know and use meaningful decision-making methods.
    25. To use latest information technology.
    26. To structure, analyse and use the acquired operating information.
    27. To utilize logical conclusion-making methods.
    28. To develop projects related to business activities and participate in management thereof.
    29. To plan, coordinate and manage work groups, take part in them.
    30. To define problems, establish tasks.
    31. To conduct scientific research and implement research results into practice.
    32. To prepare presentations and speak on professional issues at conferences, seminars, meetings.
    33. To know the official language.
    34. To know at least two foreign languages at the communication level.
    35. To use professional terminology in the official language and at least one foreign language.
    36. To constantly improve one’s knowledge.
    37. To meet the requirements of employment relationship.
    38. To comply with labour safety, fire safety and environmental protection requirements.

  • Competences/ autonomy

    1. Ability to analyse and assess the economic environment at a macro and micro level, development trends and prospects thereof in Latvia and the world and develop proposals to improve sectoral and economic development policies.
    2. Ability to identify changes in the social and economic environment and processes thereof and adopt decisions regarding the necessity to change the business objectives and plans of a company.
    3. Ability to define the objectives and main directions of a company, as well as a country and sector to ensure increase in the efficiency of sustainable growth and development thereof.
    4. Ability to comply with the laws and regulations in the sector of economics.
    5. Ability to prepare, analyse and adjust forecasts of economic processes.
    6. Ability to use financial and statistical information in the accounting, planning and analysis of a company’s activities.
    7. Ability to compose, analyse and amend functional and financial budgets, carrying out targeted analysis of revenue and expenditure dynamics and structure.
    8. Ability to select and use alternative sources of financing assessing opportunities, risks of resource attraction and impact thereof on the effectiveness of the results.
    9. Ability to analyse and assess the business (operating, investing and financial) performance of a company and identify factors influencing it.
    10. Ability to collect data using the latest information technology to plan, control and adjust business activities.
    11. Ability to ensure effective use of finance by analysing, planning and adjusting the cash flow.
    12. Ability to prepare information for a company’s management regarding the progress of execution of a plan to facilitate decision-making with respect to the development of business.
    13. Ability to develop and implement a business operation efficiency indicator system.
    14. Ability to develop and control the operation efficiency enhancement plan.
    15. Ability to consider and utilize statutory incentives (including tax incentives) for more efficient operation.
    16. Ability to develop investment, new product introduction and new market entering projects, to manage them.
    17. Ability to utilize long-term investment project efficiency assessment methods, determine profitability and risks thereof, prepare information for decision-making on investments.
    18. Ability to develop programs and measures for improving operational efficiency, ensure implementation, monitoring and control thereof.
    19. Ability to develop programs and measures for resources (human, financial, material resources etc.) management, carry out implementation, monitoring and control thereof.
    20. Ability to monitor value of a company’s assets, use tracking databases for operational control.
    21. Ability to analyse employment, productivity and labour costs at a macro and micro level.
    22. Ability to interpret and use operational, financial and investment performance analysis for planning purposes.
    23. Ability to establish financial management measures to achieve the objectives.
    24. Ability to assess operating and financial risks and draw up a prevention plan.
    25. Ability to comply with occupational safety, fire safety and environmental safety requirements.
    26. Ability to meet the requirements of employment relationship.
    27. Ability to communicate in the official language and at least two foreign languages.
    28. Ability to conduct research of scientific value in the economic field and present the results.

Qualification acquisition requirements

Previous education
Certificate of general secondary education or Diploma of vocational secondary education
Ways to acquire 
Qualifications can be acquired in the framework of education programs or in the evaluation and recognition of non-formal knowledge, skills and competences acquired (in vocational education LKI Levels 2-4).
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Formal (through education programmes)
ECTS credit points 
The unit of the volume of Latvian higher education studies - 1 credit point corresponds to one week of study work in full-time studies (40 credit points per study year).

1 The credit point of Latvia corresponds to 1,5 ECTS (European Credit Transfer and Accumulation System) credit point.
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240
Duration of study 
Duration of qualification in full-time studies
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4 years

Qualification document

Awarding body

Higher education institution:

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Qualifications Framework level

EQF level

European Qualifications Framework (EQF) has 8 levels (1 – the lowest, 8 – the highest).

Levels reflect the complexity level of acquired knowledge, skills and competences (learning outcomes).


Go to the Glossary section
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6

LQF level

Latvian Qualifications Framework (LQF) has 8 levels (1 – the lowest, 8 – the highest).

Levels reflect the complexity level of acquired knowledge, skills and competences (learning outcomes).

LQF covers stages of education starting from the basic education (level 1 – special basic education) to the highest education (level 8 – doctoral studies).


Go to the Glossary section
?

6

Level of professional qualification

Latvia has a system of five professional qualifications levels (PQL, 1 – the lowest, 5 – the highest).

PQL system covers only professional qualifications (basic education, secondary and higher education stages).

PQL reflects readiness of a person to perform work of certain stage of complexity and responsibility.


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5

Qualification field, stage and type

Thematic field (ISCED 2013)
International Standard Classification of Education (ISCED) developed by UNESCO.
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Social and behavioural sciences (031)

Detailed field: (ISCED 2013)

Economics (0311)

Education
Stages of Latvian education system included in the LQF:
- basic education
- secondary education
- higher education
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Higher education

Qualification type
ITypes of Latvian education:
-General education
-Professional education
-Academic education
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Vocational

Full or partial

Full qualification

Other information

National Education Information System

National Database of Education Opportunities

Active qualification

Period for issuing qualification: 2013-2019

Last changes: 19.12.2018

Posted: 07.05.2016