Business Management

The Master's programme in business mangement is designed for students who wish to combine the different academic areas of the field. Students have considerable options for integrating into their studies elective courses in law, information technology, psychology, energy and natural resource science, among others.


The programme aims to deepen students' understanding of business management and strengthen analytical skills, communication skills, and ability to develop and make use of business opportunities in a broad context. The aim of the programme is to train and motivate students to use analytical and critical thinking, as well as to train students in using independent and scientific work methods.

  • The Master's thesis is intended to deepen students' knowledge and expertise in their chosen area of study.
  • The content of the programme is based on international academic requirements and effective consultation with progressive Icelandic companies.

Teaching methods

Each course in the programme is designed to foster a dynamic interaction among students and professors in order to promote a healthy and rich learning environment. This environment not only helps students develop a knowledge base and set of professional skills, it provides a firm foundation for advanced academic study (in PhD programmes in Iceland or abroad) or for entering the global marketplace.


Dean's Selection Grant for RU School of Business graduate students.

The recipient of the Dean´s Selection Grant pays undergraduate fees instead of graduate fees.

  • An application for a full-time graduate programme is also an application for the Dean´s Selection Grant for the first semester.
  • Students with the highest grade in a graduate programme each semester are applicable. In order to receive the award students must complete 30 ECTS units per semester and follow the programme structure. More information about the grant can be found here.

Information for current students


Those who graduate with a MSc degree in Business Administration have gained a versatile skillset and knowledge considered relevant in a great number of jobs. The course is well suited to those who wish to have freedom to choose courses and/or mix different fields within Business studies. Graduates work as specialists or managers in the private and public sector in for example marketing, human resource departments, international affairs, finance, information management, project management or positions that fit their interests within the field. 

Academic staff

The focus of staff research is on innovation and entrepreneurship, finance and economics, corporate governance, marketing and human resource management. RU School of Business is committed to excellence in research and academic staff collaborates with researchers in other fields such as Computer Science and Psychology, within RU and internationally. Students also benefit from the School's extensive network of international professors and guest lecturers from the business community.   


Choice between MSc and Qualification at master level

Students can choose between a program structure that leads to an MSc degree and a program structure as qualification at master level (MBM). Both structures include 90 ECTS credits. Full-time study includes three terms: fall, spring, and summer term.

MSc degree

Students finish 60 ECTS credits in courses according to the program structure and a 30 ECTS-credit master‘s thesis.

Qualification at master level (MBM)

Students finish 90 ECTS credits in courses according to the program structure. Students have the opportunity to take an internship of up to 15 ECTS credits.

Term structure

Full-time study includes 30 ECTS credits per term.

  • Fall term: August-December.
  • Spring term: January-May.
  • Summer term: June-September.

Maximum study period

The program structure follows the idea of full-time study, but students have the opportunity to study part-time. The maximum study period is six terms (two years).

Programme structure


MSc and MBM 

V-712-STJO Strategic Mangement ( 7,5 ECTS)

V-736-CMLE Change Management and Leadership ( 7,5 ECTS)

Elective ( 7,5 ECTS)

Elective / V-737-FAMA Fundamentals in Accounting and Finance (7,5 ECTS)*

*For student with bachelor degree that includes less than 30 ECTS credits in business


V-713-INMA Innovation Management ( 7,5 ECTS)

V-717-CPMA Management Control ( 7,5 ECTS)

V-714-BETH Business Ethics (3.75 ECTS)

V-746-REME Business Research Methodology ( 7,5 ECTS)

V-898-REPR Research Proposal  (0 ECTS)

Elective (3,75 ECTS)


V-713-INMA Innovation Management (7.5 ECTS credits)

V-717-CPMA Management Control (7.5 ECTS credits)

V-714-BETH Business Ethics (3.75 ECTS credits)

Elective (3.75 ECTS credits)

Elective/Internship (7.5 ECTS credits)



V-898-THES Thesis (30 ECTS)


Elective/Internship (7.5 ECTS)

Elective/Internship (7.5 ECTS)

Elective/Internship (7.5 ECTS)

Elective/Internship (7.5 ECTS)

Students who started fall 2017 and earlier in the MSc programme in Business Adminitration

Program structure for students who started in fall 2017 or fall 2016.

1. year



  • Elective (7,5 ECTS)

  • Elective (7,5 ECTS)

2. year


  • Exchange programme,  internship or electives (30 ECTS)


MSc Thesis (30 ECTS)

Program structure for students who started in fall 2015 or earlier.  

  • Change management and leadership (7,5 ECTS)
  • Strategic management (7,5 ECTS)
  • International finance (7,5 ECTS)
  • Elective/Internship (7,5 ECTS)
  • Branding and strategic marketing (7,5 ECTS)
  • Business research methodology (7,5 ECTS)
  • Elective (7,5 ECTS)
  • Elective (7,5 ECTS)
  • Exchange programme,  internship or electives (30 ECTS)
  • Research proposal
  • MSc Thesis (30 ECTS)


The objective of master's program internship is to enhance students' knowledge, skills and abilities related to their core field of study. The internship should grant students that opportunity through hands on projects and by that prepare them for entering the labour market. Students will get to know the operation, culture and people of the firm/institution they conduct the internship at. Students will be assigned a supervisor within the firm/institution and a full time faculty member as a supervisor during the period of the internship. Internships are generally unpaid.

Students can choose between three options:

Option 1: Students apply for internship positions that the School of Business arranges with Icelandic companies. 

Option 2: Students arrange an internship with companies themselves and get the internship approved by the School of Business.

Option 3: Finding internship abroad themselves, and get it approved by the School of Business.

Upon meeting an internship's contract requirements, students can receive either 7,5 ECTS units, 15 ECTS units (which may be conducted with the same firm) or 30 ECTS units, depending on the length of the internship. Internships of 30 ECTS is only available for students that take internship abroad.

List of firms and institutions to the School of Business has had internship contracts with a field of internship

Icelandair Group • Icelandair London • Icelandair Frankfurt • Össur • KPMG• Deloitte • PwC • E&Y • Landspítalinn • Síminn • Orkuveita Reykjavíkur • NOVA • Vodafone • Vífilfell • Ölgerðin • Virðing • Sameinaði lífeyrissjóðurinn • Pipar TBWA • WOW • Icelandair • Landsvirkjun • Advania • Alvogen • Landsbankinn • Mannvit • Nýherji • Reiknistofa bankanna • Eik fasteignafélag • Grant Thornton • Glamour • BDO • Sjóvá • Canadian Embassy • Viðskiptaráð • FESTI • Samtök Iðnaðarins.

Funding opportunities for internships abroad

Students can apply for an Erasmus grant to go on an internship in Europe for 2-12 months. Students who have previously been in the Erasmus exchange program can apply for funding for an internship.

The amount of the grant depends on the destination, but is in the range of 450 to 550 € a month, students also receive a travel grant, in the range 275- € 1,100 depending on the destination.

Follow the instruction on the webpage Erasmus+in Iceland .

In order to find an internship there are a number of websites that can be referenced:

Students from RU doing internship abroad have so far always been able to receive an Erasmus grant. However, if the popularity increases, students can apply for Nordplus grant. For further information, visit the International Office at RU.



Our University building offers an optimal study environment. Support services, study areas, coffee shop and gym.

IT facilities

Our IT Services provide a range of computer facilities to help you study. IT suites are located across campus – many with 24-hour access. IT facilities also include:

  • Wireless network 
  • Extensive printing facilities 
  • Adapted PCs for students with disabilities or additional learning needs 

Student study areas

Students have 24-hour access, during term time, to group rooms and private study desks. There is a especially dedicated study area for Graduate students.

Student Union

The University of Reykjavik Student's Union is the focus of many student activities on campus.

Sports Facilities

In the basement of the university, World Class runs a gym which offers discounts to students.

University Book shop

In the main building you can find the book store, Boksala Studenta, which stocks all the books you will need for your studies.


There are three shops and cafés in the building that sell food and beverages to students.

  • Te og kaffi (“Tea and coffee”) sells a selection of coffee drinks, light snacks and bakery products. 
  • Malið serves hot food everyday, plus snacks and refreshments. 
  • The University shop (Haskolabudin) sells groceries, household items and snacks. 

Reykjavik University Campus

Set in one of the most beautiful areas of Reykjavik right next to Iceland's only geothermal beach, the newly built campus offers students modern first-rate facilities. The building has well equipped classrooms and students have 24-hour access to the spacious study facilities.

Environmentally conscious

The campus is one of Iceland's most automated buildings designed to provide an environment optimal for working using the lowest amount of energy.

Automated blinds and windows

In the main areas of the building the blinds and windows are controlled by a weather station positioned on top of the University roof. The weather station collects information about wind direction and outside temperature adjusting windows accordingly, and blinds are automated to ensure direct sunlight does not disturb students working.

A breath of fresh air

The University building is constantly ventilated with natural fresh air using the NAVENT system. Fresh air is drawn into the building and then pumped into the rooms. Special CO2 monitors ensure the correct levels of oxygen in the rooms. Heaters ensure that the air pumped into the rooms maintains the correct air temperature. In the summer time the air pumps drag warm air from the building and pump fresh and cooler air in its place.

Intelligent lighting system

Every light in the University has its own IP address and is controlled by the automated system. Light sensors ensure lighting is only on when rooms are in use. Large windows let in natural daylight which creates a more pleasant working environment.


Beautiful surroundings

Our campus is in a unique position of being set in one of the most popular outdoor areas of Reykjavik.

  • The University of Reykjavik is located right next to Iceland's only geothermal beach,  Nauthólsvik. Students can enjoy swimming in the geothermally heated sea, or relax in the hot tub on the beach. 
  • Right next to the campus is the most environmentally friendly restaurant in Reykjavik, Nauthóll, which has been awarded the Nordic Environmental "Svan Certificate,"  and was the first restaurant in Reykjavik to receive this certification. 
  • Students can enjoy the many foot and bicycle paths in the neighbouring forest. 
  • Students can visit the nearby Perlan situated on top of the city's geothermal storage tanks.


Application deadline

The application deadline is 30 April.

Applicants from outside the EU/EEA must submit an application prior to 1 February.

Admissions requirements

  • Bachelor's degree (at least 180 ECTS credits).

  • Students with a bachelor's degree that includes less than 30 ECTS credits in business administration are required to take an intensive preparatory course in business administration organized by RUSB before the start of the study program, and to take the course Fundamentals in Accounting and Finance (7.5 ECTS credits) in the first semester of the study programe.

  • Generally we require a first-class grade (GPA 7.25 or above) according to Icelandic grading scale in an undergraduate programme. 

  • Further education and professional experience benefit applicants in the evaluation process.

  • Excellent English language skills.

Applications and accompanying documents

All applicants must submit an electronic application and attach the required accompanying documents. The following documents need to accompany applications (they should be supplied in English):

  • Curriculum vitae with a photograph
  • Official university transcripts of records and diplomas
  • Personal statement (Why are you applying to the programme and what is your aim in pursuing the programme? [up to 300 words in English])
  • Contact information for one to two individuals who can assess the ability of the applicant to pursue the programme. A letter of recommendation may be required.

  • For students whose first language is not English proof of English proficiency must be provided, based on, e.g., TOEFL or IELTS.

  • Accompanying documents need to submitted by the application deadline. Applicants are only summoned for an interview if they have submitted all required accompanying documents on time.

Tuition fees and evaluation of previous studies

Information about tuition fees: Tuition fees.

Evaluation of previous studies: If students have completed university-level courses, they can apply for those previous studies to be evaluated for transfer of credit. Rules and form for evaluation of previous studies Rules and form for evaluation of previous studies.

Contact us


Jóhanna Vernharðsdóttir

Programme Administrator
(+354) 599 6302

Stefan Wendt

Programme Director

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