In early 2008, Reykjavik University established an Advisory Board, consisting of seven distinguished academic leaders from world-leading universities in America and Europe. The board‘s mission is to work with the Board of Trustees and RU‘s leaders on the development of the university‘s future strategy and action plans. The Advisory Board has convened twice in Iceland, in February 2008 and February 2009.

The Advisory Board members are: 

• Dr. Rafael L. Bras, Dean of the School of Engineering at the University of California at Irvine. The University of California at Irvine is considered the world‘s 46th best university (ARWU, 2008). 
• Dr. Eric Weber, Professor in the Department of Accounting and Control at IESE, Associate Dean of Executive Education and the Global Executive MBA at IESE, and a member of IESE's Board. IESE ranked as the number one business school in the world based on the study of the Economist Intelligence Unit in 2005 and 2006. 
• Dr. Maria Fox, Head of the Department of Computer and Information Sciences at Strathclyde University in Scotland. Strathclyde University is considered among the best universities in Great Britain. 
• Dr. Jonathan Gosling, Director of the Centre for Leadership Studies at the University of Exeter in the UK. Exeter was nominated Britain's 2007/08 university of the year. 
• Dr. Ola Melstad, Professor of Law at Oslo University. Oslo University is one of the 100 best universities in the world (ARWU, 2008) and four Nobel Prize winners currently work at the school. 
• Dr. John Allegrante, Professor of Public Health at Reykjavik University and Professor of Health Education at Columbia University. Columbia University is one of the foremost universities in the world and the recipient of 76 Nobel Prizes. 
• Dr. Zellman Warhaft, Professor of Mechanical and Aerospace Engineering at Cornell University. Cornell is one of the eight Ivy League universities in the U.S. and has been chosen as the best university for science and engineering studies by the National Science Foundation. A total of 40 Nobel Prize winners have connections to the University.