On May 23, the Cabinet of Ministers supported the BA School of Business and Finance accession the University of Latvia. Last November, the chairmen and rectors of the councils of the two universities signed an agreement of intent on the integration of the BASBF into the University of Latvia, and the “green light” was given to this process with the decision of the Cabinet of Ministers.
The order of the Cabinet of Ministers provides that the merger of the two universities will take place gradually until August 31, 2025. The integration process envisages the preservation of the brand and autonomy of the BASBF. Likewise, the BA School of Business and Finance will still have the right to choose academic staff, competitive study programs and cooperation agreements with other universities that provide internationally recognized diplomas will be preserved.
The aim of the university reform is to strengthen science and improve the quality of higher education. The joining of an internationally recognized university offering education in the field of financial management to a scientific university is a process that strengthens both parties. The BASBF has received support from the financial industry and invited experts for cooperation with the University of Latvia, thus expanding the opportunities for students to learn additional study modules, get involved in scientific processes and use the growth opportunities offered by both universities.
“The integration of BA School of Business and Finance into the ecosystem of the University of Latvia will allow the establishment of a Baltic-scale business school. This will contribute to the quality of studies and the development of new research directions. This is an example of smart cooperation between universities, which focuses on development, access to quality business studies for all Latvian or foreign students. As a university, we are interested in preparing highly skilled, academically educated experts, and consolidation of universities will help achieve these goals,” said Professor Indrikis Muiznieks, Rector of the University of Latvia.
After the decision of the Cabinet of Ministers, both universities will develop a plan for the integration of BA School of Business and Finance into the University of Latvia by August 31, 2025. Ministry of Education and Science Republic of Latvia, representatives of BA School of Business and Finance and Univerity of Latvia, the students’ authorities of both institutions of higher education, as well as representatives of the both universities will work together to achieve a common goal of successful integration of BASBF into the LU ecosystem.
“The decision of the Cabinet of Ministers does not affect the study programs of existing students, they are determined by the accreditation of educational programs and the contracts concluded by the BA School of Business and Finance. Starting from September 1, 2025, we will be an autonomous institution in the ecosystem of the University of Latvia and will continue to implement all our programs and create new interdisciplinary programs. Integration at the University of Latvia will allow us to introduce new digital solutions and create new projects by effectively sharing resources,” says BASBF rector Liga Peiseniece.
Education acquired in Latvia in the field of finance is competitive on an international scale. The inclusion of BA School of Business and Finance in the University of Latvia will strengthen the development, without requiring a compromise between excellence and quality in the business schools, niche, offering students an internationally recognized diploma in an internationally regulated industry.
It is important for both the BA School of Business and Finance and the University of Latvia to continue offering modern interdisciplinary education programs to students and the industry in order to ensure the required number of specialists, because labour market demand currently exceeds that offered.
2023/2024 admission to both the University of Latvia and the BA School of Business and Finance will take place without changes, maintaining all existing accredited study programs.
About University of Latvia
The University of Latvia has consistently been Latvia’s national, leading and most influential university. It is the largest large-profile university in Latvia, which has an important place not only in the development of the entire education system but also in the overall economic growth of the country. Currently, the LU Academic Centre is being developed in Tornakalna, which will become one of the most advanced student and research centres in Northern Europe. The House of Nature and the House of Science are located there. In the coming years, the territory of the Academic Centre will be augmented by the House of Letters.
About BA School of Business and Finance
The BA School of Business and Finance is a state-founded, internationally recognised higher education institution, which has been one of the most recognizable Latvian business schools for 30 years. It is currently implementing 12 accredited professional higher education study programs in the fields of business management and financial education at all cycles in Latvian and English.
More than 12 000 graduates from the BASBF have entered the labour market for the Latvia’s economy, many of whom are managers of companies and experts in industries that are widely recognised in Latvia and Europe.