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Veikko Sakari Jääskeläinen was born in Kitee on 1 December 1931.He completed his matriculation examination at the Joensuun lyseo upper secondary school in 1951. He then attended the School of Economics in Helsinki, graduating with an M.Sc. in 1955 and earning his Bachelor's degree in Economics in 1956. From 1956 to 1959, Jääskeläinen studied at Yale University in the United States and completed a Master of Arts degree there. In Finland, he earned his Licentiate of Economics in 1965 and his Doctorate in Economics from the School of Economics in 1967.

During his career, Professor Emeritus Veikko Jääskeläinen held the posts of a professor of business economics at the Helsinki School of Economics, CFO at Valmet Oy and head of the International Centre at the Helsinki School of Economics, among others. He served as a professor of international corporate finance from 1986 onwards and as the president of the university from 1992 to 1996.

The executive education operations of the School of Economics underwent a strong phase of internationalisation, and they were corporatised into JOKO Executive Education Oy during Veikko Jääskeläinen’s term as president in 1996. The company has been very successful even in the highly competitive international MBA market, and nowadays it is known as Aalto University Executive Education Ltd.

In his research, Veikko Jääskeläinen focused on budgeting, strategic planning and international finance. He has been a member of the Finnish Academy of Science and Letters since 1974.