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 aims of the Programme are to train highly qualified financial experts in line with the requirements of the professional standard “Finance Specialist” for working in credit institutions, investment and insurance companies, public and private companies by offering to the students in-depth theoretical knowledge, research and scientific work opportunities as well as practical skills in order to ensure knowledge base appropriate for the second level of professional higher education and such professional competence level which allows to research, analyse and evaluate correlations of financial markets and financial processes.

Learning outcomes:
– students acquire in-depth knowledge and demonstrate an understanding of financial processes, their diversity and correlations, are aware of the trends of financial processes in the context of globalization;
– are able to apply independently the latest theories, discoveries, methods and problem-solving skills to carry out scientific research or perform highly qualified professional functions, are able to explain arguments and discuss complex issues concerning their professional field both with professionals and non-specialists;
– are able to work with employees of various departments, both direct management and partners, as well as take responsibility for the group performance results and their analysis;
– are able to develop professional competence and speciality independently, strengthening the theoretical knowledge and using the latest and advanced approaches;
– understand the company’s economic and financial correlations, are able to predict factors affecting the financial activities of a company or an institution;
– are able to analyse, evaluate and optimize the capital structure of the company, as well as determine the company’s market value, develop a project on increasing the value of the company;
– demonstrate awareness and ethical responsibility for the impact of their professional activities on the environment and society.

In the framework of the programme the student completes his/her work placement, develops and defends the Master’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
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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90
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.


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: 2013-2023

Last changes: 13.12.2021

Posted: 07.05.2016