• EQF Home Page Icon

Qualification: Professional Bachelor's Degree in Finance Management, Financial Economist (LU)

Professional Bachelor's Degree in Finance Management, Financial Economist (LU)

Qualification Information

 - to master the basic as well as specialised knowledge typical for the qualification of the financial economist – core theoretical and professional specialisation courses in economics and to acquire a critical understanding of this knowledge, to obtain applied skills during the professional internship in financial management (26 credit points), as well as to master the most important concepts and relationships in economics;

 - to write and defend a bachelor’s thesis (12 credit points), perform professional or research work, formulate and analytically describe information, problems and solutions in the field of economics and the profession of the financial economist, explain them and discuss them with supporting arguments, work in teams and manage the work of other people, make decisions and find creative solutions in changing or unclear circumstances;

- to obtain, select, analyse and apply information without outside direction, make decisions and solve problems in the field of economics or the profession of financial economist, show that they understand professional ethics and evaluate the influence of their professional work on the environment and society, and participate in the development of economy.

The aim of the study program „Financial Management” is to prepare highly qualified financial economists for employment in state institutions and offices, municipality institutions, corporations in any industry, non-governmental, international organisations, to ensure theoretical background of economics and financial management knowledge and acquisition of necessary theoretical and practical knowledge skills and know-hows.

To reach the previously mentioned aim the following tasks are highlighted for the Program:
- to prepare highly qualified financial economists that are competitive in Latvian and European Union labour markets;
- to ensure elastic approach to the content of study process regarding the need to solve continuously changing economic problems;
- to promote economic and creative thinking to students and support efforts to independently increase knowledge and improve practical skills;
- to provide learning of general education courses.

That ensures acquisition of academic knowledge, gives theoretical and methodological knowledge of general education, helps in creating economic learning skills, teaches to learn independently during the study process as well as develops social, communicative and organizational abilities;
- to ensure learning of industry’s theoretical study courses.

That ensures an opportunity to learn causal relationships in economics on macro and micro level, money, credit, finance definitions and theoretical ground, human resource management, strategic management;
- to ensure learning of the scientific work process and development of independent economic thinking;
- to ensure learning industry’s professional specialization courses. That provides the necessary specific knowledge and skill level for financial economists working in state institutions and all other industries;
- to give an opportunity to acquire during the study period the ability to use the theoretical knowledge in practical work and continue lifelong education after completion of studies. It is achieved by allocating the largest part of professional studies for practical activities (around 2/3).

Knowledge:
- able to demonstrate particular knowledge of financial economist profession and critical understanding of this knowledge, comprehension of economic and financial processes;
Skills:
- able to use conclusions form economic and financial theory for evaluating specific facts and analyse processes, evaluate and compare alternatives of economic and financial actions, assess the possible consequences of them, evaluate business environment and its possible changes, formulate problems, give specific approaches for tasks;
Intellectual competences:
- by using the learned theoretical fundamentals and skills, solve professional issues and problems, continue further development of education and professional knowledge;
Academic competences:
- assess and use in professional work statistical and mathematical methods, practical approaches of solving financial problems, acquire, select and process information and use latest researches and achievements in the field of economics in practical work, develop new innovations, research and educational work in the field of economics
Practical competences:
- use acquired theoretical knowledge and practical skills in solving financial problems, management of risks, make and ground decisions in the field on professional competence, work individually and in teams, develop and realize projects.



Competences:

1. Basic knowledge of:
1.1. commercial theories.
1.2. economic system development trends worldwide;
1.3. commercial law;
2. Understanding of:
2.1. tax policy;
2.2. international economic relations;
2.3. business communication;
2.4. statistics;
2.5. sociology;
2.6. industry technology;
2.7. environmental economics;
2.8. professional terminology in the official language and at least two foreign languages.
3. Ability to apply knowledge of:
3.1. macroeconomics;
3.2. microeconomics;
3.3. business economics;
3.4. economic analysis and planning;
3.5. economic forecast;
3.6. management science;
3.7. financial management and analysis;
3.8. marketing;
3.9. quality management;
3.10. project development, management and implementation;
3.11. information technologies;
3.12. financial accounting;
3.13. management accounting;
3.14. research methodology;
3.15. environmental protection;
3.16. official language;
3.17. two foreign languages at the communication level.
3.18. labour protection;
3.19. employment relationship.



Skills:

1. To apply theoretical findings in the sector of economics to assess and analyse facts.
2. To plan and analyse economic activities in product, financial and labour markets.
3. To understand processes taking place in society and impact thereof on the socio-economic environment.
4. To understand the legislative process and its effects on business and the economics as a whole.
5. To assess draft laws and regulations in the economic field put forward for public consideration and provide proposals for improvement thereof.
6. To evaluate and compare alternative economic activities, evaluate possible consequences thereof.
7. To establish business goals.
8. To assess the macroeconomic situation and plan a company's business operations in accordance with the changing circumstances.
9. To understand the impact of economic activities on the socio-economic and ecological environment in the short and long term.
10. To carry out planning of business activities and financial management.
11. To predict a company's business activities and factors influencing it.
12. To select ways of attracting and allocating finance in line with the objectives of business activity.
13. To understand and analyse interconnections of a company's basic, financial and investment activities and results thereof.
14. To establish operating efficiency improvement measures.
15. To assess the efficiency of investment projects.
16. To know and apply risk identification, assessment and prevention methods.
17. To develop a business operation and financial risk reduction plan.
18. To know and be able to use methods to determine the value of financial assets.
19. To use financial and statistical information.
20. To know how to carry out accounting and control of business activities.
21. To be aware of methods to draw up functional and financial budget and financial reports.
22. To have a good knowledge of the banking and financial sector and the tax system.
23. To use appropriate management techniques and forms.
24. To know and use meaningful decision-making methods.
25. To use latest information technology.
26. To structure, analyse and use the acquired operating information.
27. To utilize logical conclusion-making methods.
28. To develop projects related to business activities and participate in management thereof.
29. To plan, coordinate and manage work groups, take part in them.
30. To define problems, establish tasks.
31. To conduct scientific research and implement research results into practice.
32. To prepare presentations and speak on professional issues at conferences, seminars, meetings.
33. To know the official language.
34. To know at least two foreign languages at the communication level.
35. To use professional terminology in the official language and at least one foreign language.
36. To constantly improve one's knowledge.
37. To meet the requirements of employment relationship.
38. To comply with labour safety, fire safety and environmental protection requirements.



Knowledge:

1. To apply theoretical findings in the sector of economics to assess and analyse facts.
2. To plan and analyse economic activities in product, financial and labour markets.
3. To understand processes taking place in society and impact thereof on the socio-economic environment.
4. To understand the legislative process and its effects on business and the economics as a whole.
5. To assess draft laws and regulations in the economic field put forward for public consideration and provide proposals for improvement thereof.
6.

Reference Data

EQF Level:
Thematic area:
Information Language:
Location:
NQF Level: 
6
Awarding body: 

- University of Latvia

Awarding body contact info: 

RAIŅA BULVĀRIS 19, RĪGA, LV-1586
Tālr.: 67034301,67034700,67034600
Fakss: 67034513,67820113
E-pasts: lu@lu.lv

Source of information: 
National occupation classification: 

ISCO-08

Relationship type: 

Economist (2631 02)

Access requirements: 

Certificate of general secondary education or Diploma of vocational secondary education

Ways to acquire: 

Formal (through education programmes)