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
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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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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Graduate student skills and knowledge in compliance with the profession standard is the major learning outcome.
Students should be able to make decisions independently and to apply the acquired knowledge in practical work.

Graduates are able:  
– to identify financial and actuarial problems that can be solved by applying information technologies;  
– to analyse business-related processes;  
– to manage optimisation of security portfolios and investments;  
– to analyse, model and forecast financial flow, as well as to design management systems for financial analysis;  
– to explain basic principles of the use of financial instruments;  
– to assess profitability and risk of financial investments, as well as to come up with recommendations for reduction of financial risks;   
– understand how to deal with economic and social factors in statistical analysis of financial flows;   
– to conduct statistical analysis of indicators such as mortality, functional disorders, etc.;  
– to analyse insurance market trends and calculate insurance losses and premiums;  
– to apply modern quantitative methods in financial analysis and financial engineering;  
– to use software for mathematical and statistical calculations.   

 

Financial analyst

  • Knowledge

    1. The KNOWLEDGE at the level of notion:
    1.1. guidelines of the European Union and international organizations in the field of financial analysis and planning;
    1.2. financial theories.
    2. The KNOWLEDGE at the level understanding:
    2.1. macroeconomics;
    2.2. microeconomics;
    2.3. monetary and banking economy;
    2.4. public finances;
    2.5. statistics;
    2.6. business informatics;
    2.7. international environment of financial activity;
    2.8. marketing;
    2.9. prices and pricing;
    2.10. professional terminology in the official language and at least two foreign languages.
    3. The KNOWLEDGE at the level use:
    3.1. business economics;
    3.2. financial accounting;
    3.3. management accounting;
    3.4. financial analysis and management;
    3.5. commercial and financial law;
    3.6. financial information systems;
    3.7. official language;
    3.8. at least two foreign languages at the communication level;
    3.9. communication skills;
    3.10. business ethics;
    3.11. strategic management;
    3.12. labour protection;
    3.13. legal employment relationship;
    3.14. environmental protection.

  • Skills

    1. To understand the regularities and principles of current economic and financial developments.
    2. To understand current processes in the economy and financial environment and adopt decisions according to the changing circumstances.
    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.
    5. To apply the laws and regulations of the financial sector.
    6. To evaluate and manage projects.
    7. To use professional terminology in the official language and at least two foreign languages.
    8. To work in a team or a group, coordinate and delegate tasks.
    9. To effectively plan and organize one’s work.
    10. To independently acquire new knowledge.
    11. To analyse, systematize and integrate the obtained information.
    12. To use modern information acquisition, processing and systematization technology.
    13. To communicate and cooperate with the staff from various departments, direct management and partners.
    14. To act in accordance with the laws and regulations and rules of conduct.
    15. To have good knowledge of drawing up business documents.
    16. To understand and analyse interconnections of a company economic and financial activities.
    17. To understand and analyse interconnections reflected in the financial accounting, management accounting and financial reports.
    18. To analyse and assess the structure and efficiency of the capital, optimize the structure thereof.
    19. To attract financial resources for development.
    20. To predict factors influencing the financial activities of the company.
    21. To be able to use methods to determine the value of financial assets.
    22. To develop a profitability increase project.
    23. To develop investment projects.
    24. To analyse and assess financial performance of the company.
    25. To develop a financial risk reduction plan.
    26. To prepare a package of documents necessary for the issue of securities.
    27. To predict the likelihood of bankruptcy.
    28. To be aware of methods of drawing up financial plans, budgets and financial reports.
    29. To know the official language.
    30. To know at least two foreign languages at the communication level.
    31. To carry out scientific and research work.

  • Competences/ autonomy

    1. Ability to analyse and evaluate the domestic and international economic environment, market trends and perspectives, competition and possible competitor activities.
    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 set a company’s financial indicators.
    4. Ability to draw up a company’s short-term (tactical) and long-term (strategic) financial policies and budget.
    5. Ability to identify the changes in the economic environment and market, evaluate the financial objectives and necessity for changes in policies.
    6. Ability to adjust and improve the financial flow and budget.
    7. Ability to inform a company management on the achievable financial goals and objectives.
    8. Ability to plan, manage and coordinate the activities of a company as a whole, organize a rational and coordinated operation of financial specialists.
    9. Ability to analyse and evaluate a company’s financial activities and achieved results, follow the progress of the financial activity goals, financial plans, adopt decisions and adjustments to optimize tactical and strategic activities.
    10. Ability to determine the optimal capital structure to prepare the issue of securities.
    11. Ability to justify attraction of the own and borrowed capital and develop projects of attraction of financial resources.
    12. Ability to plan for funding from the state or local budgets.
    13. Ability to handle receipt and use of the borrowed funds.
    14. Ability to determine the optimal amount and structure of the operating assets.
    15. Ability to analyse and evaluate the efficiency of operating assets utilization.
    16. Ability to manage short-term accounts receivable and accounts payable.
    17. Ability to manage stocks.
    18. Ability to manage money.
    19. Ability to provide financial resources necessary for the increase of the operating assets.
    20. Ability to determine the investment policy.
    21. Ability to provide capital funding sources.
    22. Ability to ensure the efficiency of investment and supervise the implementation of investment projects.
    23. Ability to determine the financial return on investment and risk.
    24. Ability to implement a diversified investment policy.
    25. Ability to prepare proposals for financial investments.
    26. Ability to determine the size and structure of securities portfolio.
    27. Ability to provide financial resources necessary for investment.
    28. Ability to ensure timely settlement of accounts with customers and suppliers.
    29. Ability to ensure timely settlement of received loans, services and taxes.
    30. Ability to introduce a pricing policy and determine impact thereof on a company.
    31. Ability to supervise the execution of the revenue plan.
    32. Ability to manage costs and make proposals to reduce costs.
    33. Ability to plan profits and use thereof, predict changes in the profits and profitability in the coming years.
    34. Ability to develop operational and prospective financial plans.
    35. Ability to analyse, assess and monitor the company’s solvency, profitability, liquidity, efficient use of financial resources and financial position as a whole.
    36. Ability to manage financial risks and develop proposals to reduce or eliminate financial risks.
    37. Ability to manage transactions in foreign currency, reduce or prevent currency risk.
    38. Ability to ensure legality and legal protection of financial activities.
    39. Ability to ensure timely compilation and submission of financial reports.
    40. Ability to prepare proposals to improve environmental protection, labour protection and employment relationship.
    41. Ability to communicate in the official language and at least two foreign languages.

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:

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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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Mathematics and statistics (054)

Detailed field: (ISCED 2013)

Mathematics (0541)

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

Historical qualification

Period for issuing qualification: 2013-2023

Last changes: 25.10.2023

Posted: 07.05.2016