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. 

His work experience is related to the financial and monetary sector. Since 2003, he has worked at the Macroeconomic Analysis and Financial Stability Divisions of Monetary Policy Department at Latvijas Banka, first as an economist and then as senior economist. He has held the position of Head of the Financial Market Analysis Division and Deputy Head of the Monetary Policy Department. Since June 2014, Elmārs Zakulis is Head of Financial Stability Department of Latvijas Banka. He is also a member of of the Financial Stability Committee of the European Central Bank and Advisory Technical Committee of the European Systemic Risk Board.