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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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).


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6

Level of professional qualification
Till 1 august 2022 in Latvia had 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

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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Knowledge:

1. Know the most important concepts of economic and financial theory, understand the regularities of financial market development; 2. Able to demonstrate knowledge of finance, accounting, tax and law legislation, organizational security and internal control; 3. Able to apply the financial management and analysis methods to ensure the efficient activities of the company;

Skills:

1. Able to analyze and predict the regularities and trends of economic and financial development; 2. Able to prepare financial statements, systemize the obtained information, analyze the results of activities, assess the financial position of the organization, identify the financial risks of operations and develop proposals for effective implementation of organization’s financial management; 3. Able to use innovative information technologies and processing methods in their professional activities and scientific activities ;

Competences:

1. Able to analyze, evaluate and forecast financial activities, observing the principles of corporate responsibility; 2. Able to work in a team and individually, observing the principles of professional ethics and general communication, freely communicate, understanding and using professional terminology and concepts; 3. Able to demonstrate a scientific approach to problem solving; able to think on a bigger scale and creatively; facilitate their further learning and professional development.

Financier

  • Knowledge

    PROFESSIONAL knowledge:
    At the comprehension level:
    1. Economic and financial theories.
    2. Regularities of macroeconomic processes.
    3. Guidelines of international organisations in the field of finance.
    4. Concepts and regularities of financial markets.
    5. The concept of financial market instruments.
    6. Principles and regularities of the organisation.
    7. Internal and external factors affecting the organisation.
    8. The importance of corporate social responsibility in society.
    9. Composition of financial statements and principles of their preparation.
    10. Relationships between financial statements and other financial information.
    11. Macroeconomic factors affecting the financial position (fiscal policy, monetary policy, inflation, etc.).
    12. Microeconomic factors influencing the financial position (operating principles of the organization, market share, cooperation partners, etc.).
    13. Methods and tools of preparing financial information.
    14. Types of revenue and expenditure.
    15. Assets and liabilities items in the balance sheet.
    16. Cash flow areas.
    17. Types of management accounting/operational reports.
    18. Accounting and tax regulations.
    19. Technical requirements for drawing up documents.
    20. Registration of economic operations of the organisation.
    21. Tax theory, history and basic principles of administration.
    22. Concepts and regularities of financial markets.
    23. Sources/types of investment.
    24. Principles of investment project evaluation.
    25. Investment options for financial resources.
    26. Types of financial resources.
    27. Types of financial investments.
    28. Types of financial risks.
    29. Identification and control of money laundering and terrorist and proliferation financing prevention (NILLTFN) risks.
    30. Financial risk management measures.
    31. Types of financial risks.
    32. Substantiation of the necessity of the financial control process.
    At the application level:
    1. Methods of quantitative and qualitative analysis.
    2. Analysis and forecasting of macroeconomic processes.
    3. Industry topicalities.
    4. Information selection and analysis methods.
    5. Evaluation of the possibilities of using the obtained information.
    6. Evaluation of alternative solutions for improving performance of the organisation.
    7. Knowledge of financial literacy.
    8. Principles of corporate social responsibility.
    9. Principles, methods and techniques of financial information analysis.
    10. Use of results of financial information analysis in order to identify problems.
    11. Evaluation of the impact of macroeconomic and microeconomic factors on the financial condition of the organisation.
    12. Measures to improve the financial situation.
    13. Financial management methods for improving the financial situation.
    14. Methods and techniques of financial analysis.
    15. Evaluation of alternative solutions for improving the financial situation of the organisation.
    16. Using the results of the analysis of financial statements to improve the financial position of the organisation.
    17. Interpretation and correlation of information included in financial statements.
    18. Application of information and communication technologies in preparation of financial information.
    19. Financial information systematisation and selection of information technology tools, computer programs.
    20. Financial analysis, statistical and econometric methods and techniques.
    21. Financial planning methods.
    22. Sequence of planning processes.
    23. Adherence to management guidelines and checkpoints in the planning process.
    24. Development of financial planning documents.
    25. Analysis of plan deviations.
    26. Methods and techniques of financial analysis.
    27. Justification of the need to adjust the financial perspective.
    28. Methods of adjusting the financial perspective.
    29. Financial planning methods, planning sequence, functional budgets.
    30. Adherence to guidelines, checklists and financial planning processes.
    31. Requirements and principles for drafting financial management documents.
    32. Methods of quantitative and qualitative analysis.
    33. Opportunities for the organisation to invest in national and international financial markets.
    34. Development of an investment project financing plan.
    35. National and international financial and tax law.
    36. Financial market instruments.
    37. Modern quantitative methods of financial analysis and financial engineering.
    38. Preparation of financial investment projects.
    39. Information on financial markets.
    40. Opportunities to attract financial resources.
    41. Terms and conditions of financial investment options.
    42. Preconditions for the formation of financial risks.
    43. Financial risk assessment methods.
    44. Financial risk management package.
    45. Financial risk mitigation plan.
    46. Development of financial control procedures and documents.
    GENERAL knowledge:
    At the comprehension level:
    1. Organisation of an occupational safety system.
    2. Laws and regulations regarding occupational safety.
    3. Laws and regulations regarding environmental protection.
    4. Diversity of language and communication in different contexts.
    5. Peculiarities of types of communication.
    6. Social and political structure of society.
    7. Social diversity and the principle of equality.
    8. Intercultural communication.
    9. Principles of computer and office equipment operation.
    10. Principles of professional ethics.
    11. Prerequisites for effective communication.
    12. Time planning techniques.
    13. Quantitative and qualitative data processing methods.
    14. Technical requirements for drawing up documents.
    15. Registration of economic operations of the company.
    16. Tax theory, history and basic principles of administration.
    17. Laws and regulations regarding financial field.
    18. Scientific research methods.
    19. Business environment and its influencing factors.
    At the application level:
    1. Requirements of laws and regulations and standards regulating the field.
    2. Identification of work environment risk factors.
    3. Grammar and language functions.
    4. Use of professional terminology in one or more foreign languages.
    5. Verbal and non-verbal communication.
    6. Intercultural communication skills in a multicultural society.
    7. Time planning.
    8. Business communication.
    9. General and professional ethics.
    10. Information system security principles.
    11. Use of office applications for document preparation.
    12. Observance of the principles of professional ethics.
    13. Effective communication techniques.
    14. Norms of labour legal relations.
    15. Occupational standard.
    16. Information and communication technologies.
    17. Data analysis methods.
    18. Data and information security.
    19. Preparation and presentation of reports.
    20. Research methodology.
    21. Presentation skills.
    22. Execution of business documents in accordance with the requirements of record keeping and professional industry.
    23. National and international tax and accounting regulations.
    24. National and international professional standards governing the field of finance.
    25. Factors influencing business.
    26. Substantiation of the influence of business-influencing factors on activities of the organisation.
    27. Research methodology.
    28. Information communication technologies.
    29. Presentation skills.
    30. Self-assessment mechanisms.
    31. Assessing the need for new knowledge and skills.
    32. Study, career and work-flow planning.

  • Skills

    PROFESSIONAL skills:
    1. To summarise macroeconomic indicators.
    2. To structure economic development trends.
    3. To analyse the regularities and tendencies of economic and financial development.
    4. To interpret the economic situation and development trends of certain market segments.
    5. To systematise the results of the research.
    6. To collect data on currency, securities and occupied capital markets.
    7. To work with data on currency, securities and occupied capital markets.
    8. To analyse the obtained information.
    9. To draw conclusions about the trends of the currency, securities and occupied capital markets.
    10. To identify the factors influencing activities of the organisation.
    11. To interpret the findings of scientific research in operation of the company.
    12. To find solutions to improve performance of the organisation in changing or uncertain conditions.
    13. To make suggestions for improving operation of the organisation.
    14. To identify goals of the organisation and their impact on the financial environment and public interest.
    15. To systematise financial information of the organisation: reports (balance sheet, profit and loss statement, cash flow statement) and other information.
    16. To use economic and financial information processing methods, incl. statistical, mathematical, etc.
    17. To use financial analysis methods, incl. calculating financial ratios.
    18. To assess the financial condition of the organisation and formulate conclusions.
    19. To interpret the results of the analysis of financial statements.
    20. To identify the factors influencing the financial position of the organisation.
    21. To summarise the results, evaluate solutions in order to improve the financial situation.
    22. To develop proposals for improving the financial position of the organisation.
    23. To systematise financial information.
    24. To select financial information according to the needs of the target audiences.
    25. To prepare financial documentation and reports for the target audience.
    26. To select information according to financial planning needs (norms, pricing, etc.).
    27. To systematise the information of operational and financial reports necessary for financial planning.
    28. To plan the analytical profit or loss statement.
    29. To plan the analytical balance sheet.
    30. To plan the analytical cash flow using direct and indirect methods.
    31. To prepare the planned profit or loss statement, balance sheet, cash flow statement, cost calculation documents, etc.
    32. To analyse the implementation of the financial plan.
    33. To assess deviations from the financial plan.
    34. To develop a proposal to adjust the financial perspective.
    35. To identify the needs of stakeholders in financial planning issues.
    36. To recommend the best solutions for financial planning.
    37. To provide proposals for developing accounting organisation documents for financial planning and analysis purposes.
    38. To provide proposals for the development of business transaction documentation for financial planning and analysis.
    39. To evaluate the compliance of financial management documents with the requirements of regulatory enactments.
    40. To provide proposals for the implementation of financial plan of the organisation.
    41. To collect financial market data.
    42. To analyse the situation and trends in financial markets.
    43. To interpret the situation and development trends of individual market segments.
    44. To evaluate internal and external funding sources of the organisation.
    45. To evaluate investment restrictions.
    46. To forecast investment performance results.
    47. To evaluate the return on investment.
    48. To assess investment risks.
    49. To provide proposals for investing financial resources.
    50. To present proposals for investing financial resources.
    51. To prepare information for tangible, intangible and financial investment projects.
    52. To provide proposals for attracting financial resources.
    53. To prepare a plan for attracting financial resources.
    54. To recommend the best solutions for financial investments.
    55. To identify and assess the financial risks of operations of the organisation and transactions, including compliance with anti-money laundering and anti-terrorist and anti-proliferation financing requirements and restrictions on international and national sanctions.
    56. To identify possible financial risk management measures for the organisation.
    57. To justify the need for financial risk management measures.
    58. To prepare financial risk management action plan of the organisation.
    59. To define the financial control process.
    60. To develop documentation on financial control procedures.
    61. To adhere to the principles of corporate responsibility.
    GENERAL skills:
    1. To understand the requirements of laws and regulations of the field.
    2. To apply the necessary laws and regulations to solve the problem.
    3. To apply industry-appropriate standards.
    4. To comply with occupational safety and environmental protection requirements.
    5. To organise own workplace in accordance with occupational safety requirements, taking into account the effect on health.
    6. To work in an environmentally friendly way.
    7. To use resources rationally.
    8. To communicate orally and in writing in a variety of professional situations and environments.
    9. To use professional terminology.
    10. To present issues both in the professional environment and to the society.
    11. To observe the norms of communication culture and professional ethics.
    12. To express an opinion, defend it.
    13. To prepare and publish presentation materials.
    14. To be tolerant of diversity of opinion.
    15. To find compromises.
    16. To manage stress in the social communication process.
    17. To think critically and creatively.
    18. To use computers and office equipment.
    19. To use information systems for document development and design.
    20. To independently search for information on the Internet.
    21. To use specialised computer programs according to work tasks.
    22. To communicate using information technologies.
    23. To provide storage of electronic documentation and data.
    24. To work in accordance with the principles of professional ethics.
    25. To co-operate in compliance with the principles of professional communication and norms of legal labour relations.
    26. To work in a team and individually.
    27. To speak at scientific or practical conferences, other events.
    28. To plan time rationally.
    29. To evaluate the need for financial and economic research.
    30. To analyse the interrelationships of social, economic and political factors.
    31. To develop professional and innovative research.
    32. To prepare the results of applied research for use/problem solving.
    33. To prepare research reports/summaries, presentations and reports.
    34. To work with regulatory documents and standards.
    35. To analyse the legal aspects of economic activity.
    36. To analyse the impact of laws and regulations on financial markets/organisation.
    37. Follow changes in laws and regulations in accordance with the activities of the organisation.
    38. To act in accordance with the requirements of the applicable laws and regulations and standards.
    39. To identify information characterising the factors that promote and hinder entrepreneurship.
    40. To structure the factors influencing the operation of the organisation.
    41. To systematise the results of the performed research.
    42. To evaluate the possibilities of using the research results in practice.
    43. To systematically acquire new knowledge and experience.
    44. To continue professional education, acquiring new skills for performing financial tasks.
    45. To follow economic and financial topicalities.
    46. To acquire new knowledge and skills through self-learning.
    47. To apply the acquired knowledge in practice.

  • Competences/ autonomy

    PROFESSIONAL competences:
    1. Ability to analyse economic development trends.
    2. Ability to independently assess and analyse complex macroeconomic problems, justify decisions and, if necessary, perform additional analysis.
    3. Ability to forecast economic development trends.
    4. Ability to use quantitative and qualitative analysis methods.
    5. Ability to select and analyse financial market data.
    6. Ability to summarise the results of financial analysis in decision making.
    7. Ability to use the results of research on factors influencing performance of the organisation in improving performance of the organisation.
    8. Ability to make proposals for relevant financial decisions.
    9. Ability to reconcile the goals of the organisation with the interests of the financial environment and society.
    10. Ability to systematize financial information.
    11. Ability to analyse financial statements of the organisation.
    12. Ability to assess the financial condition of the organisation.
    13. Ability to identify problems identified as a result of the analysis.
    14. Ability to formulate factors influencing the financial position of the organisation.
    15. Ability to evaluate the factors influencing the financial condition of the organisation.
    16. Ability to develop proposals to improve financial situation of the organisation.
    17. Ability to substantiate the opinion in the examination of proposals for improving the financial situation of the organisation.
    18. Ability to classify financial information according to the needs of the target audience.
    19. Ability to prepare financial information for solving various professional tasks (information for the bank, clients, State Revenue Service, etc.).
    20. Ability to gather the information needed for financial planning.
    21. Ability to solve professional tasks in preparing information for financial planning needs.
    22. Ability to plan revenue, expenses, balance sheet and the cash flow process.
    23. Ability to evaluate financial information.
    24. Ability to prepare operational information according to the selected criteria.
    25. Ability to prepare financial planning documents of the organisation.
    26. Ability to substantiate the developed financial plans.
    27. Ability to formulate and evaluate mistakes in financial planning.
    28. Ability to identify the need to adjust the original financial perspective.
    29. Ability to prepare financial plan adjustment options.
    30. Ability to prepare proposals for adjusting the financial perspective.
    31. Ability to advise stakeholders on financial planning.
    32. Ability to identify and assess risks in financial planning.
    33. Ability to control the implementation of financial plans.
    34. Ability to assess the compliance of financial management documents with the requirements of laws and regulations and methodological materials.
    35. Ability to analyse the financial market (currency, securities and capital markets).
    36. Ability to identify financial market trends and influencing factors.
    37. Ability to prepare proposals for financial investments.
    38. Ability to evaluate internal and external sources of funding of the organisation.
    39. Ability to evaluate investment restrictions.
    40. Ability to predict investment performance.
    41. Ability to determine return on investment.
    42. Ability to determine investment risks.
    43. Ability to evaluate investment efficiency.
    44. Ability to justify investment options for financial resources.
    45. Ability to make proposals for investing financial resources.
    46. Ability to prepare information for tangible, intangible and financial investment projects.
    47. Ability to assess the benefits of attracting financial resources.
    48. Ability to assess the risks of attracting financial resources.
    49. Ability to make proposals for attracting financial resources.
    50. Ability to prepare a plan for attracting financial resources.
    51. Ability to explain the advantages and risks of financial investments in a reasoned manner.
    52. Ability to identify and assess the financial risks of operations of the organisation, incl. risks related to anti-money laundering, anti-terrorist and anti-proliferation financing requirements, as well as restrictions on international and national sanctions.
    53. Ability to adequately handle non-standard situations.
    54. Ability to develop financial risk management measures for the organisation.
    55. Ability to make proposals for the development of financial control procedures and documents.
    56. Ability to follow the principles of corporate responsibility.
    GENERAL competences:
    1. Ability to comply with the requirements of laws and regulations related to the field.
    2. Ability to comply with labour and environmental protection requirements.
    3. Ability to use resources rationally.
    4. Ability to communicate, write, read, work and speak freely in one or more foreign languages, understanding and using professional terminology and concepts.
    5. Ability to demonstrate personal, social and civic, interpersonal and intercultural skills.
    6. Ability to ensure active and effective participation in the formation of social dialogue in the society.
    7. Ability to observe the basic principles of professional and general ethics and generally accepted norms of behaviour.
    8. Ability to use information and communication technologies and applications to perform work tasks.
    9. Ability to understand and apply the regulations governing activities.
    10. Ability to cooperate in accordance with the principles of professional communication.
    11. Ability to follow the principles of professional ethics.
    12. Ability to comply with the norms of legal employment relations.
    13. Ability to comply with occupational standard.
    14. Ability to plan time effectively.
    15. Ability to use information processing methods.
    16. Ability to conduct applied research in the field of finance and economics.
    17. Ability to inform colleagues and others about the research conducted.
    18. Ability to use presentation methods.
    19. Ability to orientate in the laws and regulations regarding the field of finance.
    20. Ability to understand and apply laws and regulations in the field of finance of the organisation.
    21. Ability to gather information for scientific research.
    22. Ability to use primary and secondary information data.
    23. Ability to independently conduct applied research in assessing the factors that promote and hinder entrepreneurship.
    24. Ability to generalize the results of scientific research.
    25. Ability to analyse the possibilities of research usage.
    26. Ability to keep up with economic and financial changes.
    27. Ability to determine the need for professional qualification development.
    28. Ability to continue learning and improve knowledge in the professional field.
    29. Ability to constantly deepen own professional knowledge in the field of finance.
    30. Ability to plan professional development and career individually and/or in a team.

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 
Snice 11.10.2022 60 credit points correspond to the study results acquired in full-time studies in one academic year in accordance with the European Credit Transfer and Accumulation System (ECTS).Since 11.10.2022

Till 11.10.2022 1 Latvian credit point corresponds to 1,5 ECTS credit point.
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240

Qualification document

Awarding body

Higher education institution:

- Baltic International Academy, Ltd

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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
?

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

Till 1 august 2022 in Latvia had 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.


Go to the Glossary section
?

5

Qualification field, stage and type

Thematic field (ISCED 2013)
International Standard Classification of Education (ISCED) developed by UNESCO.
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Business and administration (041)

Detailed field: (ISCED 2013)

Finance, banking and insurance (0412)

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

Historical qualification

Period for issuing qualification: 2022-2024

Last changes: 16.04.2025

Posted: 10.03.2022