Accounting and Auditing

In recent years, exciting changes have been taking place in the field of auditing and financial management. By completing the MAcc degree in financial accounting and auditing at RU graduates can take a certified public accountant examination, after having acquired a certain amount of professional experience.


Nemendur sitja í skólastofu




The language of instruction is Icelandic.

Length of study 

14 months over three terms: autumn, spring and summer terms.

Master of Accountancy

Students graduate with a MAcc degree, which is a masters level qualification (Master of Accountancy). The programme does not require a master thesis.

Tuition fees

Please follow the link below to see tuition fees at RU, per term.

Dean´s selection grant

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


This graduate programme is primarily designed for people who wish to work in accounting, either as auditors focusing on financial accounting and auditing, financial reporting, or financial officers and information specialists focusing on management accounting and information technology.

By completing the MAcc degree in financial accounting and auditing, graduates can take a certified public accountant examination, after having acquired a certain amount of professional experience according to rules and regulations governing the training of auditors.

Financial reporting and auditing relate to financial statement preparation, corporate taxation, use of standards, and regulations for financial statement preparation, as well as auditing of financial statements. This is the purview of certified public accountants, chief accountants, and individuals employed at accounting offices.


Qualification at master level (MAcc)

90 ECTS credits in courses according to programme structure. 

Term structure

Full-time study includes 30 ECTS credits per term.

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

MSc or qualification at master level

Students can choose between a programme structure leading to an MSc degree and a programme structure for a qualification at master level (Master of Business Management, MBM). Both require 90 ECTS credits.

Maximum study period

The programme structure is based on full-time study, but students have the opportunity to study part-time. The maximum study period is six terms (two years).

Programme structure

It is assumed that full-time students finish four courses per semester. Teaching is mainly conducted in the latter part of the day or during study weekends (Thursday-Saturday).

  • V-705-FIR1 Financial Reporting and Accounting Standards I (7.5 ECTS)
  • V-706-AUD1 Auditing, Auditing Standards & Ethics in Accounting & Auditing (7.5 ECTS)
  • V-772-TAX1 Corporate Taxation (7.5 ECTS)
  • V-765-CORP Corporate Finance (7.5 ECTS)

  • V-765-FIR2 Financial Reporting and Accounting Standards II (7.5 ECTS)
  • V-767-SARE Consolidated Financial Statements (7.5 ECTS)
  • V-871-AFLE Accounting for Derivatives and other Financial Instruments (7.5 ECTS)
  • V-802-BULA Corporate Law (7.5 ECTS) 

  • V-726-AUD2 Applied Auditing and Auditing Analytics (7.5 ECTS)
  • V-722-AFOR Accounting Fraud and Forensics (7.5 ECTS)
  • V-804-INTA Information Technology in Accounting and Auditing (7.5 ECTS)
  • V-793-MACC Management Accounting (7.5 ECTS) 

Academic staff

Researchers and guest lecturers 

RU Department of Business Administration 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 Department's extensive network of international professors and guest lecturers from the business community.   


Reykjavik University Campus

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

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, Nauthólsvík. Students can enjoy swimming in the geothermally heated sea, or relax in the hot tub on the beach. There are numerous paths for hiking and cycling in the neighbouring forest.


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.

Sports Facilities

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


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

  • Kaffitár 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.


Application deadline

The application deadline is April 30. Applicants from outside the EU/EEA must submit an application prior to February 1.


  • BSc degree in business administration, economics or related subjects.
  • Individuals with a degree in other fields can apply for admission to the programme, but are required to have completed undergraduate courses from business administration in math, statistics, corporate finance and accounting.
  • Generally, a first-class grade is required  (GPA 7.25 or above).
  • Further education and professional experience benefit applicants in the evaluation process.
  • Excellent Icelandic and 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]).
  • Please provide contact information for one indvidual who can assess the ability of the applicant to pursue the programme. A letter of recommendation may be required. 
  • Accompanying documents need to be 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

Got any questions?

We welcome enquiries via e-mail or phone.



Sigrún Ólafsdóttir

Programme Administrator


Iðunn Getz Jóhannsdóttir

Programme Administrator


Laufey Bjarnadóttir (on a leave)

Programme Administrator


Hallur Þór Sigurðarson

Programme Director


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