ACADEMIC PROGRAM “EUROPEAN ECONOMICS AND BUSINESS” (42310)
Letter of Accreditation of LR Ministry of Education № 37 valid before 25 May 2019
Awarded degree: Professional Bachelor in Entrepreneurship
Qualification: Economist
Program duration: 4 academic years (8 semesters – full-time study) and 4, 5 (9 semesters –
part-time study)
Modes of study: day and night full-time; part-time (Saturdays only)
Medium of instruction: Multilingual: Russian-Latvian, English-Russian, English-Latvian
Place of instruction: Riga
Distinctiveness and Novelty of the program
The number of economists in Latvia is growing rapidly. According to this indicator, the Latvian
business should be on the fast track of development. In fact, entrepreneurs do not feel active help from
people with diplomas in economics, and continue to be guided by intuition, luck and common sense. As
one businessman said: "When I started running a business, I trusted my instincts and acted according to
the situation. The sales volume increased – very well, I wanted to expand. If suddenly there was a
recession, I tried to find out how things were going in similar businesses, looked for more information
about the general situation in the market. But this did not always help to get my business up and running".
The point is that only "to look for information, to listen and read" is not enough. You should know
how to work with the information you need. Sometimes people running businesses ask: “How much
economic information is hidden in the depths of my company? How much of this information is
"affecting" the decision-making? Does it ever happen that I do not have enough of the necessary
information? Am I always satisfied with how well my business analysts work?”
And the answers are more often "no" than "yes". In physics, there is the concept of a quantum leap,
when suddenly a particle passes from one orbit to another, which means that it accumulated enough
energy to go over to a different quality of movement. We have also done “a quantum leap”: we refused
from certain stereotypes and began educating economists of a qualitatively higher level: capable of
independent analytical work. This was the purpose of creation of the program "European Economy and
Business".
Our guidelines
Latvia is historically an integral part of Europe. Now, from being just neighbours we have moved
to much closer cooperation. The first stage of integration in the European Union has been successfully
accomplished, which was the assimilation of norms, laws, and rules of economic behavior. The goal of
education at this stage was a retranslation, disclosing and making aware that such things exist. Almost all
universities of this country have coped with the problem more or less successfully. However, the current
state of affairs shows that it is time to make a further move: to improve our program and educate
specialists in economics of the European level. For our program the benchmark of quality has become
the special aspects of the European economy and its unique character. How do we see this uniqueness?
Most notably, the European economy is a part of the world economy, with deep roots in very
different areas. Just a bare listing of these areas inspires a deep respect: fundamental philosophical
knowledge, schools of economic theory, achievements in psychology, political traditions, discoveries in
sociology, unprecedented integration processes, discoveries in the field of entrepreneurial culture,
distinctive system of business education, and a host of other things. All that has created high standards in
business and the high standard of living of the population.
It was quite clear that such guidelines should make our academic program effective, able to raise
such qualities in young professional economists as dynamic thinking, consistency of thinking, good
analytical capability and forecasting ability on a most advanced basis, which is the profile of a modern
international economist. This is how European economy and business became our reference point.
What knowledge should future economists get?
The demands of the labor market are rapidly rising, and a modern economist must have in-depth
knowledge of economic, financial, analytical, advisory and organizational fields, so that correctly navigate
the dynamics of economic processes in Latvia and in the European Union. It is the abilities to manage
economic processes and resources of a company with a view of their effective use, to plan and forecast
economic activity, to adapt to rapidly changing business environment, that will be the determining factors
of competitiveness of a young specialist on the European labor market. And if we add to this the
knowledge of foreign languages and modern computer technology together with the ability to work in a
team - we will get the portrait of a modern economist of the European level, and it is exactly the education
of such specialists that our program is focused on.
Where can our graduates work and in what capacity?
The graduates of our program obtain a range of competencies that enable them to create their own
business, or work successfully in business organizations leading and managing departments and services
in the areas of banking and finance, commerce and tourism, insurance and IT technologies. Our graduates
can work in the offices of international companies operating in the territory of Latvia, and in business
structures of the European Union. This is confirmed by our graduates successful careers both in Latvia
and abroad (the United Kingdom, Scotland, Norway, Iceland, etc.), who have found employment in the
banking, finance and insurance spheres, in tax administration offices, and other spheres of business
activity, or created and run their own companies.
Many specializations in the field of economy and business are exclusively economic (according to
LR Classificator of occupations, people with diplomas in economics may work as labor economists,
accounting economists, financial economists, commodity experts, stock managers, etc.); and there are
other specialtizations also related to economics even if indirectly (econometrician, accountant, auditor,
marketing expert, human resource manager, financial analyst, quality manager, etc..), because 80% of the
curricula in these fields are the same. In fact, graduates trained in our program, do not have any problems
in finding employment in any area directly or indirectly connected with economics, and this compares
them favorably with graduates of not so diversified programs of other universities. Versatile training of
our program allows our graduates to work in commercial, financial, insurance, information and other areas
of the European business. Of course, people choose a certain direction and specialize in it, but as practice
shows, if necessary, they can easily diversify their activities, because their education makes it possible.
The differences defined by the nature of a specific job are easily overcome.
All economic related specialist fields fall into 2 main groups. The first one inclides qualifications
that are based on working with figures, the second one includes qualifications that involve work with
people. If you are diligent, analytically mind-set and you love working with figures and numbers, then
choose a specialization from the first group – the profession of an accountant, auditor, or analyst. If you
are communicative, energetic, and in general prefer work with people, choose a specialization from the
second group, and orient yourself to marketing, management, or human resources.
Where can you master our program?
The program "European Economy and Business" is available at the Baltic Psychology and
Management University College affiliated with the Baltic International Academy.
There are all necessary conditions for a successful acquisition of the program:
 A team of competent teachers, not only professors and doctors of sciences, but also qualified
practitioners with experience in entrepreneurship and business consulting.
 All necessary facilities and resources: our students have comfortable lecture halls, study rooms and
computer labs, as well as a well-stocked library at their disposal.
 The languages of instruction are Latvian, Russian and English, which increases opportunities of
future professionals: they will easily adapt to any multilingual environment.
 You will study and learn in a variety of ways, you will be engaged in interactive and problemoriented lectures, trainings, self-study, and solution of practical tasks for real life firms in the real
life context. You will take part in student conferences, debates, round tables and seminars.
 The life of our students is not restricted to study only. Our students try themselves in creative arts,
take part in the activities of the Student parliament, (SP), spend their summers in the student
summer camps, communicate with experts and students from other countries, and venture into
scientific research.
 We offer various forms of education: full-time, part-time, day, night and on one-day-a-week basis
(only on Saturdays, which is especially convenient for students who combine study with work).
 We have extensive international contacts, which make it possible for students to participate in
international exchange programs, such as ERASMUS, international student conferences and to
intern in companies abroad.
 Bachelor's degree entitles our graduates to continue their education in academic or professional
master's degree program, and then launch in academic educational activity or work in the business
sphere in management positions that require education at the level not lower than the master's
degree.
Mission of our program
One interesting and useful rule that is applied in business is: do only those things that produce
good results. We train business economists with brainwork ability that has the power to "squeeze" the
benefit out of any information.
So, if you think it is important for you to get a quality education, to learn in a creative atmosphere
and comfortable learning environment supported by modern information technology, we invite you to join
our student community.
Contacts:
Ph. +371 67100628, +371 67100230, +371 26812033
rector@psy.lv
Reception time of the Director of the academic program „European economy and business”,
Dr. c.eng., Assoc.prof. Z.Caurkubule (Room 204, Lomonosova, 4, Riga, Latvia)
Tuesdays: 14:00-16:00
Thursdays: 16:00-18:00