According to the amendments to the Law on Higher Education Institutions, which came into force on 01.01.2019, the period of accreditation of study programs has been extended. The new accreditation terms can be seen here.
|Field of study||Economics|
|Faculty||Faculty of Business, Management and Economics|
|Obtainable degree||Professional Master's Degree of Economic|
|Access to further studies||Access to Doctoral Studies|
|Programme director||Inga Būmane|
|Credits||40 KP or 60 ECTS|
|Tuition fee starting Autumn semester, 2019||Tuition fee per year - 2000 EUR|
|Number of students accepted each year||
Autumn semester 2019
State -funded study places- 0
Autumn semester 2019
Study places for tuition fee - 40
Minimum number of students - 10
|Start of studies||Autumn 2019|
|Language of instruction||Latvian|
The study programme is the only accredited professional Master’s study programme in Latvia that enables the graduates of undergraduate studies to acquire more profound academic and higher level professional knowledge and skills in accounting and audit.
The content of the study programme covers the most important spheres of accounting and audit the acquisition of which is necessary for the education of competitive specialists with the necessary academic and higher level professional competences in accounting and audit to work at the Latvian and international enterprises. The practical training is important for the acquisition of the study programme (in the programme with the volume of 80 CP – almost 33% out of the total volume of programme; in the programme with the volume of 40 CP - 15% out of the total volume of programme); it is directly related to and, according to its content, stem from the theoretical study courses of the programme. During the practical training the students work at the national and international companies and organizations situated in Latvia. The students have an opportunity to choose the place of practical training, or, in conformity with the cooperation agreement concluded between the University of Latvia and the Accountants’ Association of the Republic of Latvia, the places for practical training are provided by this professional organization of accountants.
Within the framework of ERASMUS, the students have an opportunity to study abroad – in about 130 different foreign universities in Norway, Sweden, Finland, Denmark, Iceland, Lithuania, Estonia, Poland, Germany, France, the Netherlands, Belgium, Austria, Italy, Luxembourg, Spain, Portugal, Croatia, Slovenia, Slovakia and Turkey. Besides, within the framework of International Student Exchange Program, the students have an opportunity study at one of the USA universities for a period of one academic term.
|Aim and tasks of the study programme||
The aim of the programme is to educate the specialists with the necessary academic and higher level professional competences in accounting and audit to work at the Latvian and international enterprises, ensuring them with an opportunity to obtain the Professional Master’s degree with the right to continue their studies at the Doctoral Study Programmes.
In order to achieve this aim, the tasks set are to:
1. ensure an opportunity to acquire the Second Level Higher Education Master’s Study Programme in conformity with Regulation “Regulations regarding the State Standards for the Second Level Professional Higher Education” adopted by the Cabinet of Ministers of the Republic of Latvia and the Standards for the 5th level qualification of an Economist’s profession;
2. ensure an opportunity to obtain the Professional Master's degree of Economics after the successful acquisition of the Professional Higher Education Master’s Study Programme and the successful pass of the state examinations;
3. ensure the flexible approach to the content of the study process in relation to the necessity for the changing dealing with economical problems, including accounting and audit problems;
4. create the necessary preconditions for the education of highly qualified specialists of accounting and audit who would be competitive in the labour market of Latvia and that of the European Union;
5. ensure an opportunity to acquire knowledge and skills that would enable the graduates of the programme to perfect their knowledge and to apply the provisions of the International Accounting Standards, International Financial Reporting Standards and International Standards on Auditing, and deal with the theoretical and practical accounting and audit problems independently;
6. develop the students’ economic and creative thinking, facilitate the students’ intellectual development and support their efforts for the independent perfection of knowledge and consolidation of practical skills.
|Learning outcomes of the study programme||
The graduates of the study programme are able to choose and apply in practice independently the provisions of the International Financial Reporting Standards (IFRS) for accounting purposes at different enterprises; choose the most efficient procedures for auditing in conformity with the provisions of the International Standards on Auditing (IAS), as well as to apply the auditing methods and techniques for performing auditing tasks; analyze the mistakes of internal control system, organize and plan the respective procedures of internal audit, apply the internal audit methods and principles of ethics. The graduates are able to apply the knowledge acquired within the study period in order to identify the particular practical and methodological problems of accounting and audit at different enterprises, as well as they are able to develop, present in public and defend the well-grounded suggestions for dealing with such problems. Besides, the graduates are able to apply independently the specific statistical methods for the analysis of economic and business phenomena; to prepare the draft of a contract on obligations; to identify and analyze different problems of world economic development, including also the problems of the economic development of Latvia, and to evaluate the factors and conditions influencing them.
After the graduation, the graduates can work at the companies, auditing companies, outsourcing companies, banks, ministries, the State Revenue Service, customs and other institutions as finance directors, chief accountants, tax economists, auditors and assistants to auditors.
Information on the graduates’ professional activities and career:
Marina Gorjainova started her accountant’s career in 2006, when she, while studying at Riga State Technical School, she had her practical training at the Department of Accounting of “Vikom” LTD.
Marina graduated Riga Technical School and continued her studies in the Second Level Professional Higher Education Study Programme “Accounting, Analysis, Audit” implemented at the Faculty of Economics and Management of the University of Latvia. She graduates the study programme in 2011. In 2012 Marina continues her studies regarding the chosen profession by acquiring more profound knowledge, while studying in the Professional Higher Education Master’s Study Programme “Accounting and Audit” implemented at the Faculty of Economics and Management of the University of Latvia. In 2013 she obtained the Professional Master’s Degree.
Marina’s professional career gradually developed parallel to her studies; she continued to work at “Vikom” LTD: initially as an assistant to an accountant, then – as an accountant and chief accountant. After the obtaining of Master’s degree, Marina changed her place of work – in 2013 she started to work at JSC “Rīgas dzirnavnieks” as an accountant.
Knowledge acquired during the study period and the experience of practical activities in her professional field helped Marina to pass successfully the qualification examinations of the Association of Accountants of the Republic of Latvia and in 2014 to receive an accountant’s certificate internationally acknowledged International Federation of Accountants (IFAC).
Second level professional higher education (or comparable higher education) in Economics or in Business Administration
General rules (here)
Competition evaluation calculation formula: weighted average grade (60 x 10 = 600) + finals total (or average) grade (40 x 10 = 400)
|Accounting and Audit||40|
|The theoretical and practical study courses of the branch||8|
|Ekon5037||International Financials Reporting Standards||Exam||4|
|Ekon5028||International Standards on Auditing||Exam||4|
|The study courses of research, creative work, planning and management||2|
|EkonP106||Practical Training in Accounting and Audit||Internship||6|
|Ekon6024||Master Thesis||Master`s Thesis||20|
|Restricted elective courses||4|
|Study Courses of Limited Choice||4|
|The theoretical and practical study courses of the branch||4|
|JurZ5051||Law on Obligations||Exam||2|
|The study courses of research, creative work, planning and management||4|
|Ekon5858||World Economics Development||Exam||2|
|Additional courses in civil and environment protection||2|
|Programme practical realization||
Lectures as a delivery method are used in all study courses. During the lectures, the students are introduced in the theoretical issues that are provided with the practical samples and the provisions of different laws and regulations.
Practical assignments (group-work, individual work) facilitate the development of students’ professional competences necessary in conformity with the requirements of labour market. In order to consolidate the knowledge and skills acquired during lectures and seminars, the group-work is used a study method; as a result, the students develop their communicative and organizational skills.
Seminars are the supplements to the theoretical and practical knowledge of topical problems. During seminars, there are conclusions, expressed in the literature and at lectures, studied more deeply; the discussions take place in the students’ group; as well as there are different topical issues more deeply analyzed, for example, the provisions of international and national accounting and auditing standards analyzed, and their validity and application possibilities are discussed at the seminars. Thus students develop their skills necessary for dealing with problems.
Individual work manifests as the fulfilment of home assignments or the development of small themes. Thus the students’ abilities to fulfil the particular tasks independently are facilitated.
Practical training is a mandatory part of the programme. The students have an opportunity to choose the place of practice training, or, in conformity with the cooperation agreement concluded between the Department of Accounting and Audit of the Faculty of Economics and Management of the University of Latvia and the Accountants’ Association of the Republic of Latvia, the places for practical training are provided by this professional organization of accountants.
A complex method is applied for the evaluation of study courses in the study programme. It comprises the evaluation of the fulfilment of students’ practical assignments, the individual work or groupwork, assessment of results obtained in the interim tests and examinations. The students are informed at the beginning of the term, how the final result (grade) would be determined. The requirements regarding the obtaining of credit points are indicated in the descriptions of study courses available in the Informative System of the University of Latvia. The process of evaluation is continuous and takes place during all study period. The final assessment of students’ knowledge is given at the end of term, taking into account the results obtained at all stages: the fulfilment of practical assignments, fulfilment of individual work, and the results obtained in interim tests and examination. Each university lecturer delivering a course has developed the evaluation methodology; at the meetings of Methodological Groups of the Department of Accounting and Audit the system of evaluation is discussed and, as a result, the amendments are made. It is indicated in the evaluation methodology, what is the percentage of each evaluation criterion out of the total assessment. The results of interim tests and the examinations in the study courses are summarized, analyzed and discussed at the methodological groups of academic staff.
The evaluation of practical trainingis performed in conformity with the Regulations of Practical Training and the programme of practical training. Before the practical training, the administration of the study programme informs the students on the content of the programme of practical training, the tasks to be fulfilled during the practical training and the supervisor of practical training appointed from the university lecturers of the University of Latvia. Having completed the practical training, the student, within a determined period of time, submits to the supervisor of practical training the report and the confirmation from the place of practical training. The defence of the report on practical training takes place at the supervisor of practical training who has profoundly reviewed the report and prepared questions on the process of practical training, the student’s activities during the practical training and inaccuracies in the report on practical training.
When assessing the Master’s Thesis, the complex approach is applied. The evaluation of the completely developed Master’s Thesis takes place at the presence of the commission of state final examinations, when the master student defends the reviewed Master’s Thesis. The members of the commission take into account the following criteria: 1) the quality of the content of Master’s Thesis and its conformity to the methodological guidelines for the development of Master’s Thesis; 2) the content of presentation and the answers given to the members of commission and reviewer’s questions; 3) the evaluation and comments provided as a result of reviewing. The total assessment of Master’s Thesis is given by summarizing the grades provided by each member of commission, and then voting for the final grade. If there is a dispute, the chairperson of the commission has the deciding vote.
Yearly programme costs per student correspond to the tuition fee specified above.