FINANCE AND ACCOUNTING CONCEPTS IN PROFILED SECONDARY EDUCATION IN BULGARIA

Abstract

The topic of financial literacy in Bulgaria has been the subject of considerable interest in the last decade.
On the one hand, it can be considered at the basic level that every person needs in managing personal finance. On
the other hand, it is also related to building professional knowledge and skills that guarantee a successful career.
The integration of basic concepts from the field of financial literacy in Bulgaria began in the context of the
introduction of entrepreneurship. Even before the beginning of the century, it found its place in the Bulgarian
education system through various programs and initiatives outside of formal education. In entrepreneurship, two
areas of financial literacy can also be distinguished. The first of them is related to the management of personal
finances, and the second – of corporate (and especially of startups).
The Preschool and School Education Act that came into force n 2016 introduced technology and entrepreneurship as
a compulsory subject for students from grades 1 to 9, which includes specific learning outcomes and concepts from
the field of financial literacy in the curricula approved by the Ministry of Education and Science.
Profiled training in entrepreneurship in grades 11 and 12 builds significantly on them. It covers a wide range of
concepts and competencies in the fields of economics, finance, accounting, management, marketing. Profiled
training in entrepreneurship began in 2020/2021 school year, and in 2022 the first classes under the new programs
graduated.
Until now, the main approach to preparing students for their future careers in these fields has been through
vocational education. However, the inclusion of these topics in the curricula for profiled education provides an
alternative option. Even if the students do not start their own business, they are adequately prepared to take up
positions in the field of economics. At the same time, entrepreneurship training has laid the foundations of
proactiveness in the workplace (the so-called internal intrapreneurship).
The paper focuses on the learning outcomes and new concepts in finance and accounting in the entrepreneurship
curricula for grades 11 and 12. Since they are integrated in the various modules, it is necessary to carry out an
analysis that will serve as a basis for their systematization.
The findings of this research can be applied broadly. For instance, they can be used in the subsequent updating of
curricula, as well as in the development of curricula for elective modules. The findings are also useful for higher
education institutions that offer programs in the relevant fields, as they receive information about the basic level at
which the graduates of profiled training in entrepreneurship start their higher education