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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The study outcomes to be achieved cover the study programme outcomes, which are implemented in the study course outcomes in accordance with the professional standard “Functional Manager” and the requirements for professional qualifications for  Finance Manager:
Knowledge:
*Knows and understands the business environment and the factors influencing it, as well as the patterns and processes in business management and the economy in accordance with the theories and trends in business and organisational management, relating it to a specific area of professional specialisation and its role in the functioning of a single organism;
*be able to demonstrate a critical understanding of the general, specialised and interdisciplinary knowledge that enables the development of professional activity and its impact on the environment and society.
Skills:
*Using scientific research methods and digital technologies, be able to assess the performance of an organisation as a whole and of a specific functional area, analysing the factors influencing it, economic development trends and development opportunities at local and international level;
*be able to assess the overall performance and policies of an organisation, identifying opportunities for improvement and designing and implementing processes for strategic development and risk prevention for the organisation and the functional area;
*be able to monitor the execution of strategy, day-to-day operations and the overall performance of the organisation’s business units, using regulatory requirements and digital technologies;
Competences:
*be able to independently acquire, select and analyse information and use it to make decisions in his/her area of activity, finding creative solutions in changing or uncertain circumstances, introducing innovations in the relevant functional area;
*be able to formulate strategic, tactical and operational objectives for the functional area, aligning them with the organisation’s objectives, assessing the organisation’s development opportunities and risks, in line with the organisation’s operational strategy, while being able to explain the consequences of environmental changes and take rational action to strengthen the organisation’s competitiveness;
*be able to manage effectively the activities of his/her area of functional responsibility, ensuring the rational use of resources, including financial resources, for the fulfilment of the tasks assigned, as well as being able to ensure effective management of the unit, planning, organising and coordinating the activities of subordinate staff for the accurate, timely and qualitative fulfilment of the tasks assigned, maintaining professional ethics in a multicultural environment and emotional intelligence;
*be able to apply digital literacy responsibly and safely in a variety of situations in professional work, research, lifelong learning, organising and managing teamwork, as well as learning, creating and sharing digital content. “

Financial manager (PQL 5)

  • Knowledge

    PROFESSIONAL knowledge:
    At the level of understanding:
    1. Theories of financial management.
    2. Theories of financial management.
    3. Process of strategic planning.
    4. Theory of financial analysis.
    6. Business planning principles.
    7. Principles of resource and process management.
    8. Principles of project management.
    9. Theory of financial management.
    10. Audit theory.
    11. Basic principles of financial management policy-making.
    12. Financial planning.
    13. Financial planning documents.
    14. Analysis of plan deviations.
    15. IFRS (International Financial Reporting Standards) types of financial statements.
    16. Theory of financial analysis.
    17. Theories of personnel management and development.
    18. Theories of motivation.
    19. Working in a team.
    20. Types of investment.
    21. Investment policy principles.
    22. Types of investment portfolios.
    23. Structure of investment portfolios.
    24. Investment efficiency.
    25. Investment performance indicators.
    26. Investment efficiency.
    27. Investment performance indicators.
    28. Basic principles of risk management.
    29. Risk management theory/principles.
    Types of financial risks.
    30. Types of financial risks.
    31. Probability theory.
    32. Traditional and non-traditional risk mitigation techniques (risk taking, risk transfer, risk aversion).
    At the level of use:
    1. Regulatory acts regulating commercial activity.
    2. Financial planning and control.
    3. Financial planning and control.
    4. Financial analysis methods.
    5. Financial planning and control.
    6. Decision-making methods.
    7. Financial management.
    8. Interpersonal skills.
    9. Financial control and monitoring processes and the laws and regulations governing them.
    10. Financial management.
    11. Financial budgeting methods.
    12. Consolidation of financial plans.
    13. Methods of price policy formation.
    14. Budget scenario planning.
    15. Financial statements, types.
    16. Structure and principles of financial reporting.
    17. Financial analysis methods.
    18. Business valuation methods.
    19. Motivating staff.
    20. Management of teamwork.
    21. Investment assessment methods.
    22. Building an investment portfolio.
    23. Risk analysis of the investment portfolio.
    24. Investment return analysis.
    25. Sources of investment.
    26. Investment return analysis.
    27. Sources of investment.
    28. Methods of financial risk analysis.
    29. Measures to manage and prevent financial risks.
    30. Measures to manage financial risks.
    31. Regulatory enactments on money laundering and the prevention of the financing of terrorism and proliferation, and on international and national sanctions.
    32. Internal control systems to prevent money laundering and the financing of terrorism and proliferation, and measures to address the risk of international and national sanctions.
    33. Concepts of risk management.
    34. Classification of risks by probability.
    35. Types of risk management strategy.
    36. Measures to manage financial risks.

  • Skills

    PROFESSIONAL skills:
    1. Assess the business environment and the factors affecting it.
    2. Develop a financial management and control system in line with the organisation’s business model.
    3. Develop a control mechanism for the financial management of the organisation.
    4. Assess the availability of financial resources to implement the organisation’s strategic objectives.
    5. Develop the financial indicators to be achieved to implement the organisation’s strategy.
    6. Identify the organisation’s financial position.
    7. Assess the relevance of the actual situation to the organisation’s financial objectives.
    8. Monitor the implementation of financial plans.
    9. Monitor the financial sources used.
    10. Oversee the management of working capital.
    11. Monitor cash flow management.
    12. Develop proposals to improve the organisation’s financial plans, justifying the usefulness of the proposals.
    13. Ensure cooperation with supervisory authorities in accordance with the procedures laid down in laws and regulations.
    14. Develop the organisation’s credit policy.
    15. Coordinate the profit-sharing decision of the organisation’s owners.
    16. Develop a policy for raising financial resources and building a capital structure.
    17. Develop an organisational pricing policy.
    18. Developing control figures and guidelines for the budget in line with the organisation’s objectives.
    19. Consolidate functional budgets in the general budget.
    20. Evaluate the implementation of the organisation’s general budget/budget.
    21. Analyse deviations of actual performance from planned performance.
    22. Evaluate the effectiveness and relevance of the budget to the organisation’s objectives.
    23. Assess the relevance of the budget to the market situation.
    24. Develop budget adjustments in line with changes in the market situation and the organisation’s actual performance.
    25. Develop a quality control mechanism for financial reporting.
    26. Ensure quality control of financial reporting.
    27. Ensure that financial statements are prepared in accordance with laws, regulations and IFRS.
    28. Identify the organisation’s financial position.
    29. Assess possible future changes in the organisation’s financial position.
    30. Evaluate the organisation’s financial reporting data.
    31. Compare financial data with averages in the sector to which the organisation’s business relates.
    32. Determine/calculate the value of the business.
    33. Forecast and assess changes in the future value of the organisation.
    34. Work in a team and organise teamwork.
    35. Evaluate staff performance and results.
    36. Develop guidelines for the organisation’s investment finance policy.
    37. Evaluate the effectiveness of the investment finance policy and its alignment with the organisation’s objectives.
    38. Determine the size and structure of the investment portfolio.
    39. Develop an investment portfolio structure, assessing available financial resources and risks.
    40. Build an investment portfolio in line with the investment objective, based on a strategic business development decision.
    41. Monitor the implementation of the investment finance project as planned.
    42. Make adjustments to the implementation of the investment finance project.
    43. Assess the optimal sources of funding for investment finance projects and the organisation’s readiness to attract them.
    44. Develop a plan to attract investment finance.
    45. Identify the financial risks facing the organisation.
    46. Assess the organisation’s potential financial risks.
    47. Develop the organisation’s financial risk management and transaction monitoring mechanism, including in line with anti-money laundering, counter-terrorism and counter-financing of proliferation requirements and the limitations of international and national sanctions.
    48.
    49. Apply the organisation’s financial risk management framework.
    50. Develop recommendations for decision-making in the face of financial risks.
    51. Develop preventive measures to reduce risks.
    52. Assess the level of impact of financial risks.
    53. Evaluate the possibilities of maximising income at the level of existing risks.

  • Competences/ autonomy

    PROFESSIONAL competences:
    1. Ability to design a financial management and control system in line with the organisation’s business model.
    2. Ability to assess the availability of financial resources to meet the organisation’s strategic objectives.
    3. Ability to develop the financial indicators to be achieved to implement the organisation’s strategy.
    4. Ability to compare the organisation’s financial indicators/results against set benchmarks.
    5. Ability to monitor the organisation’s financial plans.
    6. Ability to make proposals to improve the organisation’s financial plans.
    7. Ability to represent the organisation in financial matters with external supervisory authorities.
    8. Ability to develop the organisation’s credit policy.
    9. Ability to develop the organisation’s profit-sharing policy.
    10. Ability to develop policies for raising financial resources and building a capital structure.
    11. Ability to develop control charts and guidelines for financial budgets.
    12. Ability to develop the organisation’s pricing policy.
    13. Ability to assess the organisation’s general budget/budget performance.
    14. Ability to consolidate functional budgets into the general budget.
    15. Ability to assess the effectiveness of the budget and its relevance to the organisation’s purpose.
    16. Ability to assess the relevance of the budget to the market situation.
    17. Ability to develop budget adjustments in line with changes in the market situation and the organisation’s actual performance.
    18. Ability to ensure that financial statements are prepared in accordance with laws, regulations and IFRS.
    19. Ability to design a quality control mechanism for financial reporting.
    20. Ability to ensure quality control of financial reporting.
    21. Ability to assess the organisation’s financial position.
    22. Ability to calculate the value of the organisation using different valuation methods.
    23. Ability to forecast and assess future changes in the value of the organisation.
    24. Ability to organise and lead teamwork efficiently.
    25. Ability to develop, define, coordinate and ensure the accurate, timely and quality performance of the tasks assigned.
    26. Ability to motivate staff and objectively evaluate their performance and results.
    27. Ability to develop the organisation’s investment finance policy.
    28. Ability to make proposals for investment portfolio and structure.
    29. Ability to construct and analyse portfolios of financial instruments.
    30. Ability to make proposals for the financial implementation of investment projects.
    31. Ability to assess optimal sources of funding for investment projects and the organisation’s readiness to attract them.
    32. Ability to develop a plan to attract investment finance.
    33. Ability to identify and assess the organisation’s financial risks.
    34. Ability to design and manage the organisation’s financial controls.
    35. Ability to assess financial transactions against anti-money laundering, counter-terrorism and counter-financing of proliferation requirements and international and national sanctions restrictions.
    36. Ability to determine the likelihood of a risk occurring.
    37. Ability to develop preventive measures to mitigate risks.
    38. Ability to manage financial risks.
    39. Ability to assess the level of impact of financial risks.

Financial manager (PQL 6)

  • Knowledge

    Professional skills and attitudes
    1. To assess the patterns and principles of economic and general market development.
    2. To analyse the impact of economic policy on the company’s operations and development.
    3. To assess business development trends.
    4. To analyse the impact of the sector/field on the company’s operations and development.
    5. To assess the factors influencing the business environment.
    6. To analyse external environment factors and their impact on the company’s operations.
    7. To assess the impact of global (economic) development trends on the company’s operations and the development.
    8. To assess market and development trends in national economy sectors.
    9. To analyse the company’s development opportunities in the local market.
    10. To analyse the company’s development opportunities on an international scale.
    11. To participate in establishing the company’s goals.
    12. To participate in developing the company’s operational strategy.
    13. To formulate field-specific strategic, tactical, and operational goals.
    14. To formulate control indicators for goals at different levels.
    15. To analyse internal environmental factors influencing the company’s operations.
    16. To assess the sufficiency of company’s resources in line with the company’s strategy.
    17. To prepare a resource analysis report.
    18. To prepare proposals for rational use of resources.
    19. To analyse the company’s development trends and patterns.
    20. To develop proposals for drafting the company’s operational plans.
    21. To assess risks associated with the company’s operations and development.
    22. To draft operational activity plans.
    23. To analyse sales opportunities and channels for products.
    24. To assess the market situation and development opportunities.
    25. To assess the competitive situation and the company’s competitiveness.
    26. To identify the target market, including the target audience.
    27. To determine the pricing strategy.
    28. To select appropriate sales promotion measures.
    29. To analyse sales opportunities and channels for products.
    30. To prepare reports, overviews, and other related documents.
    31. To calculate costs.
    32. To analyse the business and financial performance results.
    33. To determine the investments necessary for the implementation of the company’s operational plans.
    34. Budget planning.
    35. To analyse processes within the company.
    36. To assess the effectiveness and efficiency of processes.
    37. To provide well-founded proposals for the company’s development.
    38. To develop proposals for process improvements and innovations.
    39. To manage the functional process in accordance with quality and safety system requirements.
    40. To participate in the maintenance and improvement of the quality system.
    41. To participate in the maintenance and improvement of the occupational safety system.
    42. To participate in the maintenance of the logistics system.
    43. To plan the personnel.
    44. To prepare proposals for the criteria for selecting potential employees.
    45. To manage a team/employees.
    46. To assess the qualification and performance of an employee.
    47. To monitor the performance of subordinates’ duties.
    48. To organise personnel training.
    49. To cooperate to achieve the company’s goals.
    50. To provide proposals for the development of personnel motivation criteria.
    51. To support employees.
    52. To prepare a project.
    53. To manage a project.
    54. To implement a project.
    55. To participate in project implementation, representing own company.
    56. To read, analyse, and interpret data.
    57. To assess the business environment and factors influencing it.
    58. To develop a financial management and control system in line with the organisation’s business model.
    59. To develop the organisation’s financial management control mechanism.
    60. To assess the availability of financial resources for the achievement of the organisation’s strategic goals.
    61. To develop achievable financial indicators for the implementation of the organisation’s strategy.
    62. To identify the organisation’s financial position.
    63. To assess the extent to which the actual situation aligns with the financial objectives set by the organisation.
    64. To monitor the implementation of financial plans.
    65. To monitor the relevant sources of finance.
    66. To monitor the management of current assets.
    67. To monitor the management of cash flow.
    68. To develop proposals for the improvement of the organisation’s financial plans and justify the efficiency of the proposals.
    69. To ensure cooperation with supervisory institutions in accordance with the procedures established by regulatory enactments.
    70. To develop the organisation’s credit policy.
    71. To coordinate the decision of the organisation’s owners on profit distribution.
    72. To develop a policy for attracting financial resources and creating a capital structure.
    73. To develop the organisation’s pricing policy.
    74. To develop control figures and guidelines for the budget in line with the organisation’s goals.
    75. To consolidate functional budgets into the overall budget.
    76. To evaluate the implementation of the organisation’s overall budget/budget.
    77. To analyse deviations between actual and expected indicators.
    78. To evaluate the effectiveness of the budget and whether it corresponds to the organisation’s goals.
    79. To evaluate whether the budget corresponds to the market situation.
    80. To develop budget adjustments based on changes in market conditions and the organisation’s actual performance.
    81. To develop a quality control mechanism for financial statements.
    82. To ensure the quality control of financial statements.
    83. To ensure the preparation of financial statements in accordance with regulatory enactments, IFRS/IAS, and ESG principles.
    84. To identify the organisation’s financial position.
    85. To assess potential future changes in the organisation’s financial position.
    86. To assess the data of the organisation’s financial statements.
    87. To compare financial data with the average indicators in the sector relevant to the organisation’s business activities.
    88. To determine/calculate the value of business activity.
    89. To anticipate and assess future changes in the organisation’s value.
    90. To work as part of a team and organise teamwork.
    91. To assess the performance and work result of employees.
    92. To develop guidelines for the organisation’s financial investment policy.
    93. To evaluate the effectiveness of financial investment policy and whether it corresponds to the organisation’s goals.
    94. To determine the size and structure of the investment portfolio.
    95. To develop the structure of the investment portfolio by evaluating the available financial resources and risks.
    96. To create an investment portfolio based according to the purpose of investment, based on the decision on the strategic business development.
    97. To monitor the implementation of the financial investment project as planned.
    98. To make adjustments in the implementation of the financial investment project.
    99. To evaluate optimal sources of funding for financial investment projects and the organisation’s readiness to attract them.
    100. To develop a plan for the attraction of financial investments.
    101. To identify the organisation’s financial risks.
    102. To assess the organisation’s potential financial risks.
    103. To develop a mechanism for managing the organisation’s financial risks and monitoring its transactions, including in accordance with requirements for the prevention of money laundering, terrorism and proliferation financing, and restrictions of international and national sanctions.
    104. To apply the developed mechanism for managing the organisation’s financial risks.
    105. To develop recommendations for decision-making in the context of financial risks.
    106. To develop preventive risk mitigation measures.
    107. To evaluate the level of the impact of financial risks.
    108. To evaluate the possibilities of maximising income under the existing risk level.

    General skills and attitudes
    1. To understand sector-specific regulatory requirements.
    2. To apply the necessary regulatory enactments for problem-solving.
    3. To apply the field-specific standards.
    4. To organise the workplace in accordance with occupational safety requirements.
    5. To comply with occupational safety requirements.
    6. To identify potential risks when performing work tasks.
    7. To apply occupational safety, civil defence, fire safety, and environmental protection requirements.
    8. To observe the norms of communication culture and professional ethics.
    9. To articulate and defend a well-reasoned opinion.
    10. To prepare and publish presentation materials.
    11. To demonstrate tolerance towards diverse viewpoints.
    12. To reach compromises.
    13. To manage stress in social communication processes.
    14. To use critical and creative thinking.
    15. To be familiar with research methods in the field.
    16. To compile, systematise, and analyse data.
    17. To process information, selecting the most appropriate solution.
    18. To process and interpret research findings.
    19. To prepare a report on the research findings.
    20. To conduct research and process its findings.
    21. To perform statistical processing of data.
    22. To prepare reports and publications.
    23. To prepare presentation materials and publications.
    24. To justify own opinion.
    25. To use information technology tools and services.
    26. To communicate within collaboration networks, using the Internet.
    27. To search for and compile information.
    28. To store electronic documentation and data securely.
    29. To assess own professional experience.
    30. To understand learning needs for career development.
    31. To systematically acquire new knowledge and experience.
    32. To keep track of sector developments.
    33. To apply acquired knowledge in practice.
    34. To communicate verbally and in writing in various professional situations and settings.
    35. To use professional terminology.
    36. To present issues both in professional setting and to general public.

  • Skills

    Professional knowledge
    1. Business environment and its key elements, including sectoral policy.
    2. Existing issues in the economy, sector, and business operations.
    3. Patterns and principles of economic processes.
    4. Analysis of indicators characterising the business environment.
    5. Statistical analysis methods in economics.
    6. Development patterns of business environment factors.
    7. Global (economic) development trends.
    8. Theories of business development.
    9. Methods for analysing impact factors.
    10. Specific features of national economy sectors.
    11. International cooperation strategies.
    12. Methods for assessing the market development.
    13. Business strategies.
    14. Fundamental principles of planning and formulating goals.
    15. Methods for formulating goals.
    16. Determination of indicators and metrics for goal control.
    17. Business development strategies.
    18. Internal business environment factors and methods for their analysis.
    19. Resource and financial analysis.
    20. Efficiency assessment methods.
    21. Methods for selecting and analysing information.
    22. Methods for analysing and assessing the competitiveness.
    23. Marketing strategies.
    24. Fundamental principles of market segmentation.
    25. Types of sales channels.
    26. Sales promotion measures and approaches.
    27. Methods for selecting and analysing information.
    28. Methods for analysing and assessing the competitiveness.
    29. Marketing strategies.
    30. Fundamental principles of market segmentation.
    31. Types of sales channels.
    32. Sales promotion measures and approaches.
    33. Fundamental principles and methods of business accounting.
    34. Methods for analysing business performance indicators.
    35. Financial analysis methods.
    36. Statistical analysis methods.
    37. Prime cost calculation.
    38. Document management.
    39. Fundamental principles of developing business processes.
    40. Nature and patterns of processes within the functional area.
    41. Process organisation.
    42. Analysis and assessment of processes.
    43. Fundamental principles of quality system operation and methods for their improvement.
    44. Risks associated with deficiencies or flaws in the quality system.
    45. Principles of supply chain security and its operation.
    46. Internal monitoring of the work environment.
    47. Fundamental principles of logistics system operation and provision of logistics processes.
    48. Personnel management and development.
    49. Labour law, including labour unions.
    50. Efficient communication.
    51. Motivation theories.
    52. Teamwork.
    53. Leadership and emotional intelligence.
    54. Interaction between different generations in a team.
    55. Fundamental principles of project preparation and management.
    56. Implementation, analysis, and management of projects within the company.
    57. Types of projects, including international and social projects.
    58. Data analysis methods.

    At the comprehension level:
    1. Teamwork.
    2. Theory of financial analysis.
    3. Types of financial statements.
    4. Theories of financial management.
    5. Financial planning.
    6. Financial planning documents.
    7. Types of financial risks.
    8. Fundamental principles of developing financial management policy.
    9. Theory of financial management.
    10. Investment efficiency.
    11. Investment efficiency indicators.
    12. Principles of investment policy.
    13. Structure of the investment portfolio.
    14. Types of investment portfolios.
    15. Types of investments.
    16. Motivation theories.
    17. Theories of personnel management and development.
    18. Analysis of deviations from plans.
    19. Project management principles.
    20. Principles of resource and process management.
    21. Theory of revision and audit.
    22. Fundamental principles of risk management.
    23. Theory/ fundamental principles of risk management.
    24. IFRS (International Financial Reporting Standards).
    25. Strategic planning process.
    26. Conventional and unconventional risk mitigation methods (risk acceptance, risk transfer, risk avoidance).
    27. Principles of business planning.
    28. Probability theory.

    At the application level:
    1. Business assessment methods.
    2. Methods for developing pricing policy.
    3. Financial analysis methods.
    4. Methods for drafting a financial budget.
    5. Financial control and monitoring processes, and the applicable regulatory enactments.
    6. Financial statements and their types.
    7. Composition of financial statements and principles of their preparation.
    8. Financial planning and control.
    9. Consolidation of financial plans.
    10. Methods for analysing financial risks.
    11. Financial risk management measures.
    12. Financial risk management and prevention measures.
    13. Financial management.
    14. Principles and methods of financial management.
    15. Sources of investments.
    16. Analysis of investment return.
    17. Investment assessment methods.
    18. Creation of an investment portfolio.
    19. Risk analysis of the investment portfolio.
    20. Management of teamwork.
    21. Regulatory enactments governing business activity.
    22. Decision-making methods.
    23. Regulatory enactments governing the prevention of money laundering, terrorism and proliferation financing, and restrictions of international and national sanctions.
    24. Personnel motivation.
    25. Classification of risks by probability.
    26. Risk management concepts.
    27. Types of risk management strategies.
    28. Communication skills.

    General knowledge
    At the conceptual level:
    1. Field-specific regulatory enactments and standards.
    2. Organisation of the occupational safety system.

    At the comprehension level:
    1. Fundamental principles of circular economy.
    2. Social and political structure of society.
    3. Social diversity and the principle of equality.
    4. Intercultural communication.
    5. Techniques for effective communication.
    6. Communication (including intercultural communication) in society (including multicultural society).
    7. Argumentation techniques.
    8. Opportunities and potential risks of information technologies.
    9. Security of electronic information.
    10. Planning and decision-making.

    At the application level:
    1. Requirements of field-specific regulatory enactments and standards.
    2. Regulatory occupational safety, civil defence, fire safety, and environmental protection requirements.
    3. Time planning.
    4. Business communication.
    5. General and professional ethics.
    6. Principles of promoting sustainable development of society.
    7. Scientific research methods.
    8. Fundamental principles of statistics.
    9. Principles of sustainable development.
    10. Preparation of reports and publications.
    11. Information technologies for data processing, analysis, and management.
    12. Self-assessment mechanisms.
    13. Planning of studies, career, and work progress.
    14. Time planning techniques.
    15. Extensive and appropriate vocabulary.
    16. Functional grammar.
    17. Professional terminology.
    18. Fundamentals of intercultural communication.

  • Competences/ autonomy

    Professional competences
    1. Ability to analyse the environment influencing the company’s operations.
    2. Ability to analyse national economic policy and global trends.
    3. Ability to assess changes in the market situation.
    4. Ability to critically assess the factors influencing the business activity and their impact on the company’s operations.
    5. Ability to substantiate the consequences of changes in the business environment.
    6. Ability to assess market development trends.
    7. Ability to evaluate the potential for the company’s development on both national and international scale.
    8. Ability to develop proposals and contribute to setting the company’s goals and developing its strategy.
    9. Ability to formulate the strategic, tactical, and operational goals in the field, aligning them with the company’s goals.
    10. Ability to critically assess internal environmental factors influencing the company’s operations.
    11. Ability to assess the company’s resources and develop proposals for their efficient and rational use.
    12. Ability to determine activities in line with the company’s strategy and brand positioning.
    13. Ability to evaluate the development opportunities and risks of the field/direction and develop an operational plan.
    14. Ability to assess the competitive situation and the company’s competitiveness.
    15. Ability to identify the target market and select the appropriate marketing and sales strategy.
    16. Ability to assess the business performance indicators of the company.
    17. Ability to plan and ensure the economic efficiency of the field.
    18. Ability to organise and control the development and formatting of documents in accordance with regulatory requirements.
    19. Ability to participate in identifying, planning, and securing the necessary investments.
    20. Ability to organise functional processes effectively.
    21. Ability to analyse and assess various processes, innovations, and their efficiency.
    22. Ability to participate in the implementation and maintenance of the company’s quality system, occupational safety system, and logistics system.
    23. Ability to manage employees in line with the company’s personnel management policy.
    24. Ability to plan, organise, and coordinate the work of subordinated personnel to ensure accurate, timely, and high-quality performance of the assigned tasks.
    25. Ability to cooperate and motivate employees and monitor the performance of duties by the subordinate personnel.
    26. Ability to develop, implement, and manage projects within the area of expertise.
    27. Ability to apply analytical tools.
    28. Ability to analyse data.
    29. Ability to develop a financial management and control system in line with the organisation’s business model.
    30. Ability to assess the availability of financial resources for the achievement of the organisation’s strategic goals.
    31. Ability to develop achievable financial indicators for the implementation of the organisation’s strategy.
    32. Ability to compare the organisation’s financial indicators/results with the established criteria.
    33. Ability to control the implementation of the organisation’s financial plans.
    34. Ability to provide proposals for the improvement of the organisation’s financial plans.
    35. Ability to represent the organisation in financial matters in cooperation with external supervisory institutions.
    36. Ability to develop the organisation’s credit policy.
    37. Ability to develop the organisation’s profit distribution policy.
    38. Ability to develop a policy for attracting financial resources and creating a capital structure.
    39. Ability to develop control figures and guidelines for the financial budget.
    40. Ability to develop the organisation’s pricing policy.
    41. Ability to evaluate the implementation of the organisation’s overall budget/budget.
    42. Ability to consolidate functional budgets into the overall budget.
    43. Ability to evaluate the effectiveness of the budget and whether it corresponds to the organisation’s goal.
    44. Ability to evaluate whether the budget corresponds to the market conditions.
    45. Ability to develop budget adjustments based on changes in market conditions and the organisation’s actual performance.
    46. Ability to ensure the preparation of financial statements in accordance with regulatory enactments and IFRS.
    47. Ability to develop a quality control mechanism for financial statements.
    48. Ability to ensure the quality control of financial statements.
    49. Ability to evaluate the organisation’s financial position.
    50. Ability to calculate the organisation’s value, using various assessment methods.
    51. Ability to anticipate and assess future changes in the organisation’s value.
    52. Ability to organise and manage group and team work effectively.
    53. Ability to develop, determine, and coordinate work duties of the structural unit’s employees and ensure the accurate, timely, and high-quality performance of the assigned tasks.
    54. Ability to motivate employees and assess their performance and work result.
    55. Ability to develop the organisation’s financial investment policy.
    56. Ability to prepare proposals for the development of an investment portfolio and its structure.
    57. Ability to develop and analyse the portfolio of financial instruments.
    58. Ability to provide proposals for the implementation of financial investment projects.
    59. Ability to evaluate optimal sources of funding for investment projects and the organisation’s readiness to attract them.
    60. Ability to develop a plan for the attraction of financial investments.
    61. Ability to identify and prevent the organisation’s financial risks.
    62. Ability to develop and manage the organisation’s financial control mechanisms.
    63. Ability to evaluate financial transactions in accordance with the requirements for the prevention of money laundering, terrorism and proliferation financing, and restrictions of international and national sanctions.
    64. Ability to determine the probability of risk occurrence.
    65. Ability to develop preventive risk mitigation measures.
    66. Ability to manage financial risks.
    67. Ability to evaluate the level of the impact of financial risks.

    General competences
    1. Ability to perform collaborative teamwork when performing professional work tasks.
    2. Ability to comply with field-specific regulatory requirements.
    3. Ability to respect employment relationships.
    4. Ability to perform work tasks in compliance with occupational safety requirements.
    5. Ability to perform work tasks in accordance with regulatory occupational safety, civil defence, fire safety, and environmental protection requirements.
    6. Ability to demonstrate personal, social, and civic, interpersonal and intercultural skills that ensure active and efficient participation in professional activity and the development of social dialogue in society.
    7. Ability to follow the fundamental principles of professional and general ethics, including generally accepted code of conduct.
    8. Ability to conduct applied research and prepare and present publications.
    9. Ability to use skills and methods to explain sustainable development issues and draw evidence-based conclusions.
    10. Ability to prepare and present publications.
    11. Ability to conduct value-added research and interpret and analyse its results.
    12. Ability to securely use information technologies for work purposes, including communication in the relevant field.
    13. Ability to follow self-organisation principles, assume responsibility to continue learning and self-development in the professional field, and develop personal skills.
    14. Ability to communicate, write, read, work, and speak in front of an audience fluently in one or more foreign languages, while understanding and using professional terminology and concepts.

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
Duration of study 
Duration of qualification in full-time studies
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4 years

Qualification document

Awarding body

Higher education institution:

- Ventspils University College

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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).


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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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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

LQF PQ level:

Kas ir LKI?2

Theoretical and practical training corresponding to the LQF levels, characterized by the learning outcomes that can be achieved at the relevant level, which gives the opportunity to perform work corresponding to a certain level of complexity and responsibility.
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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)

Management and administration (0413)

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

Active qualification

Period for issuing qualification: 2023-2029

Last changes: 22.09.2025

Posted: 24.10.2023