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The main enthusiasts for the UL FEM traditions are the Student Self-Government. There are such long-standing traditions as “Fukšu Balle” (Freshmen Ball), Christmas Charity Ball and the visit of orphanages with a richly stuffed gift bag, “Zaķu Balle” (Hare Ball) and sports events. There are also some recently established traditions: “Rally through the faculty” for the freshmen, Info days and a photo contest for all UL students and employees.

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There is a new scientific tradition in the Faculty of Economics and Management as well – an annual conference “New Socio - Economic Challenges of Development in Europe”.