Potential of Work-Based Studies in Higher Education in Latvia in Economics and Business Study Field

Socio-economic transformations in the globalized economy induce number of opportunities, necessities and challenges also within higher education and its relation to the labour market. The pressure on higher education builds on the demand of changing skills and competences by the labour market and also on the changing demand of the format and reach-out of higher education by students and potential students. One of the joint aspects of these two perspectives is the increasing demand thus necessity to link the two areas – higher education and labour market. One of such linking formats is known – work-based education (WBE) to ensure that the studies interact significantly with the real-time labour market. So far, the WBE is more provided in professional and vocational education. In some countries (e.g. Austria) WBE practices also on a doctoral level. But for the academic or professional bachelor and master level studies, particularly in social science, WBE is not widely practiced and in many aspects lacks the understanding and provisional, inc., legislative regulation. Thus, the major objective of the research is to determine what are the major challenges and opportunities of WBE particularly in higher education in Latvia in the study fields of Business and Economics. Materials and methods: monographic research and content analysis for the exploration of scientific literature and legal framework assemblage; SWOT analysis in relation to WBE opportunities and challenges; a survey among companies and universities for empirical quantifiables followed by statistical and graphic analysis. Research results will contribute to the discussion of the WBE in higher education, providing case-specific insights for Latvia, including legal framework provisions and practical implications. Conclusions of the research shall suggest further guidelines and road map for modern and effective higher education system reform with specifics of WBE in undergraduate and master level studies of economics and business.