With glaciers, volcanic landscapes, geothermal areas, and black sand beaches, Iceland is known for striking natural contrasts. It is a popular destination for travelers seeking adventure, relaxation, and study opportunities.
Iceland offers several higher education options, but tuition costs vary by institution. Public universities in Iceland do not charge tuition fees, although they do charge annual registration or administration fees that students must pay. Private institutions, including Reykjavik University, charge tuition fees, so applicants should always check the current fee page for each university before applying. In this article, two well-known business schools in Iceland will be introduced.
Best Business Schools in Iceland
1. Department of Business and Economics at Reykjavik University (RU)
- Department of Business and Economics Page
- Degrees offered: bachelor’s degree, master’s degree, Executive MBA, Ph.D.
- Language of instruction: bachelor’s degree (mainly Icelandic, with some English-taught courses); master’s degree (English, except Accounting and Auditing); Executive MBA and Ph.D. applicants should confirm the latest language details with the department.
The first recommendation is the Department of Business and Economics at Reykjavik University (RU). The department offers BSc programs in business administration and economics, several master’s programs, an Executive MBA, and a Ph.D. program. It has a strong international profile: at the undergraduate level, about one-third of BSc courses are taught in English, while graduate-level courses are generally taught in English. Current master’s program pages note that all master’s programs are delivered in English except Accounting and Auditing.
RU’s business programs also hold international accreditations. The Executive MBA is accredited by AMBA, and the undergraduate business administration and economics programs are accredited by EFMD. The department emphasizes teaching quality, innovation, an international scope, and close connections with students and industry.
The department combines academic learning with practical preparation for the business world. Students build a foundation in finance, accounting, marketing, management, innovation, and economics, while practical projects, internships, and collaboration with businesses help students connect their studies with real-world experience. Because of this applied approach, a degree from Reykjavik University’s Department of Business and Economics can help students develop skills for careers in Iceland and abroad.
2. School of Business at the University of Iceland
- School of Business Page
- Degrees offered: bachelor’s degree, master’s degree, Ph.D.
- Language of instruction: bachelor’s degree (Icelandic; fluent Icelandic required); master’s degree (International Business and Project Management is taught in English, while most other business master’s programs are taught in Icelandic); Ph.D. (international doctoral program; language details vary by research plan and courses).
The School of Business at the University of Iceland is Iceland’s oldest and largest business school and has been educating future managers and specialists in business studies since 1938. The school offers undergraduate, master’s, and doctoral study options in business administration and related fields.
Most business programs at the University of Iceland are taught in Icelandic, and fluent Icelandic is required for its undergraduate business programs and most master’s programs. However, the MA in International Business and Project Management is taught fully in English, and the school also provides courses for exchange students. This makes the University of Iceland a strong option for students who want a public university setting and are prepared for the language requirements of their chosen program.
The University of Iceland is also a current member of the Nordic Academy of Management (NFF), which supports management research, education, doctoral cooperation, and idea exchange across the Nordic countries. As part of Iceland’s largest university, the School of Business gives students access to a broad academic environment and a wide range of study programs.
I hope that this article was helpful. If you are interested, take a look at the Business Courses in Europe and the Europe Scholarships Page.
