Econometrics is a division of economics that uses the linear regression model, along with other mathematical formulas, to provide statistical analysis of many different economic policies and methods. Econometrics is necessary to help determine whether or not intended policies will actually develop as intended in the real world.

Latvia has both fee-paying and state-financed higher education. The country has two kinds of higher education courses. These include the academic and professional programs. There are three levels of academic higher education – bachelor’s, master’s and doctoral studies. The climate in the country favors various winter sports and recreation activities such as ice skating, skiing and ice hockey. International students prefer studying in Latvia due to its social life, arts and cultural institutions. The country’s culture is easy to adopt to.

A bachelor's degree is given to students who fulfill the necessary requirements given by the college or university they are attending. The requirements include three to seven years of focus on a subject, typically referred to as a major or concentration.