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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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 students must acquire the knowledge of theoretical aspects of problems in financial economics, practical skills in using quantitative methods of financial analysis and management and in management of financial risks, as well as international aspects of financial economics;
– the student must acquire practical skills during professional practice in financial economics (6 credit points) in enterprises and financial institutions;
– the students must work out and defended a master’s paper, which must be topical and practically feasible project (20 credit points).

The aim of the master`s study programme is to prepare specialists with deeper knowledge of financial economics and necessary academic and professional competences for working in Latvian and foreign enterprises and financial institutions thus providing them with opportunitunity to acquire professional master`s degree and entilement to continue studies for doctoral degree.
To achieve the aim following tasks have been set forth:
– to offer study courses that correspond to the requirements of the professional standard Financial Analyst and provide for the aquisition of the financial economics on a higher level than in the undergraduate studies;
– to offer study courses in the respective branch of science that provide opportunity to study issues of financial economics, acquire theoretical basis and practical methods for solving problems required for work with financial, monetary and lending policy implementation on state, enterprise and bank level or working in structural units that organize and manage financial operations, or working as a self-employed person or a sole proprietor;
– to provide the opprotunity to study problems of financial econimics internationally, to study economic trends and regularities as well as see the place of Latvia in the global and European economic system;
– to provide the opportunity for the practical application of the theoretical knowledge in compliance with the duties of the financial analyst.
The higher level professional master’s study programme provides deeper theoretical and practical knowledge of financial economics.

After a successfully completed study programme the students can demonstrate:
1. Academic competences.
Students can demonstrate deeper knowledge and understanding of the financial market and methods of its analysis;
– corporate financial management in a changing economic environment, assessment and management of corporate financial risks, development and implementation of innovative financial instruments;
– financial engineering tools and their application for solving financial problems;
– adoption of management decisions, planning and forecasting of the further operation of an enterprise;
– quantitative methods of financial analysis;
– research methods;
– work motivation, working groups and organizational culture.

2. Professional competences.
Students can independently use the acquired theoretical knowledge for the implementation of highly qualified professional functions;
– analyse the latest trends in the area of finance and participate in a substantiated discussion on these trends,
– to conduct a critical analysis of problems and adopt substantiated decisions for their solution;
– conduct corporate financial planning and management;
– to prepare recommendations for raising capital and creation of a corresponding capital structure in an enterprise;
– to analyse various aspects of an enterprise operation, identify and analyse operational problems of an enterprise;
– conduct financial calculations with the help of the latest information technologies;
– interpret the results of the financial calculations;
– identify and assess financial risks in the enterprise operations;
– use the latest risk management strategies for managing financial risks;
– analyse projects and present arguments for the management decisions;
– read professional literature in a foreign language on finance and financial management;
– work with various sources of financial information to analyse the problem under study;
– and to substantiate one’s opinion and present it;
– steadily develop one’s competences.

 

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
Higher education qualification of LQF level 6 (bachelor, professional bachelor or professional higher education qualification) in the same or compatible branch of science or professional field of higher education, as well as a certain professional experience laid down by higher education institution
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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60
Duration of study 
Duration of qualification in full-time studies
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1-2 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
?

7

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
?

7

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

Qualification field, stage and type

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

Detailed field: (ISCED 2013)

Economics (0311)

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

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

Full or partial

Full qualification

Other information

National Education Information System

National Database of Education Opportunities

Historical qualification

Period for issuing qualification: 2013-2021

Last changes: 17.07.2025

Posted: 07.05.2016