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Department of Business and Economics

Accounting and -
Auditing

Duration
1 years
Credits
90 ECTS
Degree
MAcc
Internship possible
No
Distance learning possible
No

What will you learn?

This master’s programme in Accounting and Auditing focuses on financial reporting and auditing, guided by current standards and ethical principles. The curriculum also covers finance, taxation, and corporate law, with a strong emphasis on analytical skills, professional judgment, and critical thinking. Instruction is primarily in Icelandic

As the field evolves, accountants and finance professionals must navigate complex challenges such as data management, information technology, risk assessment, strategic planning and corporate governance. 

Graduates will be equipped to prepare and analyse financial statements, audit financial reports, and provide assurance services. They will gain a solid understanding of tax laws, business regulations, and financial management, ensuring they can operate effectively within the broader legal and economic landscape. The programme also underscores the importance of ethics, sustainability and professional integrity in all aspects of accounting and auditing. 

How will I learn?

Traditional classroom learning 

Master's programmes in the Department of Business and Economics are on site.

Language of instruction

Courses are mainly conducted in Icelandic.

Organisation of teaching 

Courses are offered in two formats: as intensive modules with full-day sessions spanning two to four consecutive days or as weekly classes. Classes may be scheduled in the afternoon and on Saturdays.

Assessment

Courses feature a combination of assessment components, including group projects, individual assignments, and written or oral exams. Students may expect assignments and exams to occur outside of classroom hours, with final assessments typically completed shortly after each course concludes.

What next?

Future prospects

The curriculum prepares graduates for positions as certified public accountants, chief accountants, and employees of audit firms. The degree is also well-suited to a variety of other commercial roles.

Certification

Graduates with an MAcc degree in Accounting and Auditing can take a certification exam following training at an auditing firm.

Upon graduation, students should be able to:

  • Use the best practices in accounting, auditing and tax matters based on the relevant laws, rules, standards and guidelines and apply them professionally and ethically.
  • Use professional judgment.
  • Use statistical methods when appropriate.
  • Argue for conclusions where professional judgment is applied in interpreting rules and standards.
  • Approach and use information reliably and responsibly.
  • Work professionally in collaboration with others in the same field.
  • Be open to new ideas and innovation.
  • Identify and resolve professional and ethical issues.
  • Work independently and systematically, set goals and solve various problems.
  • Promote knowledge through entrepreneurship and knowledge creation.
  • Actively participate in group projects and take on leadership roles.
  • Interpret and present theoretical issues and results.
Area of work

The programme prepares graduates for roles such as certified public accountants, financial managers, accounting managers, and auditing firms. Graduates can also work as accounting experts in companies, serve on boards and audit committees, and function as internal auditors, valuation experts, and more.

Any Questions?

Sigrún Ólafsdóttir
Programme administrator
Laufey Bjarnadóttir
Programme administrator

During my final year at the University of Reykjavík, I was hired as the marketing director of Nóa Síríus. I started working there a month before the thesis deadline. The job entails strategic price and product development planning, target group selection, advertising, marketing strategy implementation, and responsibilities. I manage brand advertising and marketing and analyse competitors' market penetration, prices, and marketing difficulties both locally and internationally.

Silja Mist Sigurkarlsdóttir
Marketing manager for Noa Sirius

I understood that HR works hard to establish positive relationships with the industry and that the curriculum is project-based.

Rakel Lind Hauksdóttir
Assistant Director of LSR

Structure


Programme structure

Length of study

14 months (three terms).

Terms

  • Autumn: August to December
  • Spring: January to May
  • Summer: May to September

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 two years (six terms).

Note

  • Courses are mainly conducted in Icelandic.
Autumn
Financial Reporting and Accounting Standards I
V-705-FIR1 / 8 ECTS
Auditing, Auditing Standards and Ethics in Accounting and Auditing
V-706-AUD1 / 8 ECTS
Corporate Taxation
V-772-TAX1 / 8 ECTS
Corporate Finance
V-765-CORP / 8 ECTS
Spring
Gerð reikningsskila og staðlar um reikningsskil II
V-765-FIR2 / 8 ECTS
Consolidated Financial Statements
V-767-SARE / 8 ECTS
Reikningshald, afleiður og aðrir fjármálagerningar
V-871-AFLE / 8 ECTS
Sustainability Reporting and Assurance
V-774-GESS / 7.5
Summer
Applied Auditing and Auditing Analytics
V-726-AUD2 / 8 ECTS
Upplýsingatækni í reikningshaldi
V-804-INTA / 8 ECTS
Management Accounting
V-793-MAAC / 8 ECTS
Corporate Law
V-802-BULA / 7.5
Duration
1 years
Credits
90 ECTS
Degree
MAcc
Internship possible
No
Distance learning possible
No

Facilities

Class Rooms and Reading Rooms for master students

Reykjavík University has outstanding facilities for teaching, reading, and student collaboration. The classrooms are well-equipped, and students can use group work areas. Students have access to general facilities all day and night. Master's students in the Department of Business and Economics can access reading rooms.

Excellent Service

The university facility offers easy access to study and career help, an international office, and technical aid. The library provides excellent and diverse working facilities. The library provides access to books and scholarly publications, and information specialists host open hours during which students can browse around, ask questions, and obtain assistance with reference work.

Shops and Cafe

RU facilities include the Háskólabúðin (convenience store), a cafe, a World Class training facility, and the Málið canteen.

Why choose our master’s programmes?

  • Accelerated timeline: Earn your master’s degree in just 14 months with our full-time study programme.
  • Exceptional internship opportunities: Gain hands-on experience with industry-leading organisations.
  • Global expertise: Learn from both national and international specialists, offering a diverse and global perspective.
  • Industry-aligned curriculum: Designed in collaboration with leading Icelandic firms, the programmes address both local and global business challenges.
  • Courses delivered in English: All programmes, except Accounting and Auditing, are delivered in English.
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