Elmārs Zakulis holds a Bachelor's Degree in Economics from the Stockholm School of Economics in Riga and a Master's Degree in Mathematical Economics (with honours) from the University of Latvia. He is also a CFA charterholder and holds a bachelor degree in Law from the University of Latvia. In 2003, Elmārs Zakulis conducted seminars on macroeconomics at the Stockholm School of Economics in Riga.

Elmārs Zakulis' work experience is related to the financial and monetary sector. He started his career at the Bank of Latvia in 2003 as an economist of the Macroeconomic Analysis Division and the Financial Stability Division of the Monetary Policy Department (of the Bank of Latvia), later as a senior economist, but in 2007 he was promoted to the position of Head of the Financial Market Analysis Division. He has been a member of several Working Groups of the Banking Supervision Committee of the European Central Bank.