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
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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The aim of the Programme is to train highly qualified finance specialists who meet the fifth level professional qualification standard for professional qualification – “Finance Specialist” and who are competitive in the domestic and international labour market in the changing socio-economic conditions, and who possess necessary knowledge, skills, and competences in the area of finance.

Learning outcomes:
– students are able to orient themselves in the financial environment and are aware of the current financial trends and principles;
– are able to explain them, provide arguments in discussions and make decisions according to changing situations;
– are able to manage assets, draw up financial statements and calculate taxes, apply quantitative methods of financial analysis in order to ensure effective operation of a company, predict the financial performance of a company, plan company’s finance and budget, prepare investment projects;
– assess and manage financial risks;
– carry out professional activities, define and analytically describe information, problems and solutions in one’s profession using a scientific approach;
– are aware of professional ethics and the responsibility of the impact of professional activities on the environment and society;
– are able to take responsibility, work as a team, delegate and coordinate duties, plan effectively and organize their own work;
– are able to acquire new knowledge independently, analyze, systematize and integrate the information obtained.

In the framework of the programme the student completes his/her work placement, develops and defends three study papers and the Bachelor’s thesis.

Financier

  • Knowledge

    1. The KNOWLEDGE at the level of notion:
    1.1. history of economics and finances;
    1.2. guidelines of the European Union and international organizations in the field of financial analysis and planning.
    2. The KNOWLEDGE at the level of understanding:
    2.1. understanding of the regulatory documents governing the financial activity;
    2.2. microeconomics, macroeconomics;
    2.3. financial theories.
    2.4. business communication psychology;
    2.5. structure of the financial system;
    2.6. global finances;
    2.7. marketing;
    2.8. business management;
    2.9. professional terminology in the official language and two foreign languages.
    3. The KNOWLEDGE at the level of use:
    3.1. financial accounting and basics of auditing;
    3.2. financial analysis and management;
    3.3. organization of scientific activities;
    3.4. use of statistical methods in finance;
    3.5. business informatics;
    3.6. financial instruments market;
    3.7. banking;
    3.8. taxes and tax and fee systems;
    3.9. investments;
    3.10. project financing;
    3.11. ethics, business etiquette;
    3.12. information technologies;
    3.13. environmental protection;
    3.14. official language;
    3.15. at least two foreign languages at the communication level;
    3.16. labour protection;
    3.17. legal employment relationship.

  • Skills

    1. To analyse correlations and trends of economic and financial developments and adopt decisions according to the changing circumstances.
    2. To use laws and regulations, as well as professional standards governing the financial activities.
    3. To utilize modern quantitative methods of financial analysis and financial engineering for an effective business operation.
    4. To use accounting and balance sheet data, statistical information, analyse results of operation.
    5. To analyse, systematize and integrate collected information, utilize economic, statistical and econometric research methods.
    6. To predict financial performance results.
    7. To calculate taxes.
    8. To develop investment projects.
    9. To use statistical methods for analysis.
    10. To access, analyse and manage financial risks.
    11. To prepare and present reports.
    12. To use information acquisition, processing and systematization technology.
    13. To work in a team or a group, coordinate and delegate tasks.
    14. To know the official language.
    15. To know at least two foreign languages at the communication level.
    16. To use professional terminology in the official language and at least two foreign languages.
    17. To communicate and interact with the staff from various departments, direct management and partners.
    18. To effectively plan and organize one’s work.
    19. To independently acquire new knowledge.
    20. To prepare business documents in accordance with record-keeping and accounting requirements.
    21. To act in accordance with the requirements of the laws and regulations and ethical standards.
    22. To comply with professional ethics, codes of conduct and standards.

  • Competences/ autonomy

    1. Ability to conduct financial market analysis to identify financial market trends and the factors affecting it.
    2. Ability to define a company’s financial objectives and main directions in accordance with the interests of the owners and the public.
    3. Ability to analyse and evaluate the financial position of a company.
    4. Ability to inform the company’s management on the achievable financial goals and objectives.
    5. Ability to ensure timely compilation and submission of financial reports.
    6. Ability to identify and assess internal and external sources of financing.
    7. Ability to determine the optimal structure of capital, consider possible actions with securities and prepare the issue of securities.
    8. Ability to manage short-term accounts receivable and accounts payable.
    9. Ability to manage stocks.
    10. Ability to manage money.
    11. Ability to determine the financial return on investment and risk.
    12. Ability to make financial forecasting (predict the volume of the manufactured products or provided services, predict investments, predict financial performance).
    13. Ability to prepare an institution’ s budget and take control of the execution thereof.
    14. Ability to prepare proposals for financial investments and operations with securities.
    15. Ability to calculate and evaluate investment efficiency, develop material, financial and non-material investment projects.
    16. Ability to present the obtained results.
    17. Ability to communicate in the official language and at least two foreign languages.
    18. Ability to make research on current financial issues.

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
?

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.


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

National Database of Education Opportunities

Active qualification

Period for issuing qualification: 2017-2023

Last changes: 11.01.2019

Posted: 13.04.2017