Updated on May, 23 2024 06:55 IST
MBA in Iceland
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Iceland is quickly becoming a very popular destination for pursuing higher education and management courses. You will get to study in a scenic country and a sparse population of only one person per 3 square kilometers. There are seven universities in Ireland of which three are private and four public. Plus, public universities in Iceland don’t charge any fees to the students. You will only need to pay an annual tuition fee and boarding charge. Also, larger universities like Reykjavik University offer courses in English and an excellent support system for foreign students in Iceland. Iceland boasts of a historic educational tradition dating back to the Icelandic sages. Plus, the lunar landscape, unique geological features, and rich education make Iceland an unforgettable place to complete your MBA.
| Fee Range | The fee ranges between EUR 15000 to EUR 30000 |
| Work Experience Requirement | You will need a sponsor letter to work in Iceland |
| GMAT/GRE | Most universities accept GRE scores |
| Apply | The timeline to apply for an MBA in Iceland is between May to August |
| Work after study | It is difficult to find jobs if you don’t know Icelandic. |
List of public universities in Iceland –
University of Iceland
Reykjavik University
University of Akureyri
Bilfrost University
List of public universities in Iceland –
Icelandic Academy of Arts
Holar University College
Landbunaoarhaskoli Islands University
Iceland has something to offer for everyone. It has amazing vistas, imposing glaciers, and fjords. So, it’s no surprise that this Nordic island occupies a top spot on the tourist map. But Iceland is also home to celebrated educational institutions and will deliver an unforgettable study abroad experience to the students. Here are a few reasons as to why Iceland continues to win the hearts and occupy the minds of international students:
Iceland is incredibly open and if you are looking to expand your horizon it’s the best place to study.
The country is home to one of the most progressive cultures and claimed the 4th spot in the social equality index.
The country boasts of a rich and dynamic history with a mutually exclusive pluralistic culture.
The country also has a rich legacy of arts and is the birthplace of Bjork, Monsters, and Men, and Sigur Ros. So it becomes the perfect backdrop for studies.
It has a liberal education system and students are regularly involved in lots of cultural activities, sports, and theaters.
Iceland has a liberal educational policy and there are many flexible ways to choose elective subjects.
There are fewer students in the classrooms which will give you quality time to interact with the teachers.
Iceland is an extremely versatile destination for studying MBA. You will find many top universities that will cater to your needs. Also, the country has different MOU’s, and foreign exchange programs that will help you to broaden your perspective. Some of the highlights of studying MBA in Iceland include:
The MBA curriculum in most Icelandic universities is highly competitive and covers diverse topics.
You can choose from top universities and private business management institutes that enjoy a high global ranking.
You will have the option to settle down in Iceland after completing your MBA program.
Students studying MBA in Iceland have access to top faculties, courses, and excellent infrastructure that are one of the best in the world.
You will have the chance to experience a multicultural environment and interact with students who come to study from all parts of the globe.
Plus, students have the option of opting for part-time jobs to fund their MBA studies in Iceland.
Iceland offers business management courses to all aspirants from foreign countries. An MBA gives you a solid foundation that helps to propel your career. After completing your MBA in Iceland, you can explore various opportunities, including finance, arts, commerce, and other disciplines. There are many specialization options for MBA in Iceland. Let us go through a few of them.
MBA in Human Resource Management
MBA in Marketing Management
MBA in Digital Marketing
MBA in Information Technology
MBA in Travel and Tourism Management
MBA in Corporate Finance
MBA in Business Analytics
Also, the MBA program in Iceland offers different learning modes:
Regular Classroom programs
Online learning programs
Distance education programs
Executive MBA programs
Part-time MBA programs
For pursuing an MBA in Iceland, you would need:
You must be at least 20 years of age and completed your Graduation
You must have secured not less than 50% marks in your graduation and specialized in the particular field of study
You should have your graduation marks and certificates
A valid GRE score at the time of admission to the University of your choice
Some universities also ask for 2 years of work experience depending on the program
You need the following documents:
Proof of identity that is your passport
Higher secondary certificate
Essays asked by the university
Bank documents with income proof of around 1400 EUR each month
Graduation certificate
Filled-in application form downloaded from the university's website
TOEFL or IELTS score
Proof of application fee
Letters of recommendation from your college or university in India
The intake capacity for MBA in Iceland varies according to the program strength. However, 15% of the seats in most MBA programs in Iceland are reserved for Icelandic nationals.
Most programs take two to four years to complete, depending on the level. You can also pursue a one-year executive course if you are working in Iceland.
| DURATION | UNIVERSITY | PROGRAM |
|---|---|---|
| 12 months | University of Iceland | Business Administration |
| Reykjavik University | Executive MBA | |
| University of Akureyri | MBA in Marketing |
The admission procedure for an MBA in Iceland is simple. You would only need to follow the below steps:
Download the application form online from the required university
Submit the same form online or by email
Send the required documents attached with the application form. It would include a resume, graduation certificates, a cover letter, and a visa application form.
Proof of English proficiency
Two letters of recommendations
University will send an acceptance letter.
Pay the required fees.
Submit your document for background verifications
Arrange your travel tickets
Book your hostel or accommodation
Most MBA programs are taught in English, so the students need to be proficient in the subject concerned. You would need:
TOEFL score of around 79
Computer-based TOEFL score of 57
IELTS score of at least 6.5
You need to submit proof that you have studied at least one year in English in your graduation
Completed GMAT score of 6.8 percentile points
GMAT in Iceland is both available through test centers and via the online platform. Both options help meet the application deadlines. There are several cities all over Iceland where you can give GMAT exams; however, sometimes universities might ask you to take a school-sponsored program or waive the requirement on the basis of your aggregate profile. The registration and the test dates of GMAT might vary from institution to institution.
Average tuition fees could be anywhere between US $470 per year. For Institute-specific tuition fees, readers should check the institute's prospectus or website.
The tuition fees for an MBA in Iceland vary according to the University of your choice. However, most programs are quite affordable when compared to other European nations.
Reykjavik University - EUR 1100 per year
University of Iceland - EUR 500 per year
University of Akureyri - EUR 600
For your Visa in Iceland, you need to:
Accept the university offer
Contact your nearest Belgian embassy and submit documents
Wait for their decision
Register on arrival in Iceland
Completed and signed VISA application form
Your passport, valid for at least 12-months
Proof of sufficient funds
Medical certificate
Proof you do not hold criminal records
Proof of registration
Passport size photographs
You will need to get a residence permit when you arrive in Iceland
Iceland offers scholarship facilities to the students through international exchanges.
Government of Iceland Scholarship 2021.
Iceland University Scholarship.
Reykjavik University Scholarship.
Erasmus+ and Nordplus Programs.
Many students pursue part-time jobs to support the high living expenses in Iceland. Also, there is a shortage of skilled laborers in the country and that’s why you are encouraged to take up these opportunities. Also, you paid handsomely @125 ISK/hour. In particular, the healthcare, construction, IT, and tourism sectors are in need of workers.
You can learn the official language of Iceland at these institutes:
Icelandic Online.
The University of Akureyri.
Mímir Símenntun.
SÍMEY
University of Iceland and Nordkurs.
A full-time MBA in Iceland comes with lots of job opportunities. Also, it gives you the option to study at the proper pace and learn management from expert faculty.
There are very few universities that offer part-time MBA opportunities in Iceland.
You don’t need to be an expert in the Icelandic language to gain admission to an MBA program. Most universities offer dual-language programs in English and Icelandic. But you need to be extremely good in English to study in Iceland.
It is difficult to get a full-time job after MBA in Iceland without knowing the Icelandic language. But, once you have learned the language you will discover many openings as the country doesn’t discriminate between foreigners and locals.
Iceland is an ideal country for Indian students to study and live in. It's mostly favorable to Indians as the Icelandic krona is almost equivalent to 2.6 Indian rupees. Besides being home to some of the top-class MBA institutions, Iceland consists of more than eighteen thousand students, five percent of which is made up of foreigners like Indians.
The cost of living in Iceland varies according to the city.
Meal for two at an inexpensive restaurant - Rs 1500
Regular Groceries - Rs 2000
One way ticket - Rs 200
Monthly travel pass - Rs 7000
1- bedroom apartment rent - Rs 104,792
Consulting an overseas education counselor certainly gives you an edge over others. That’s because they have the tools and resources to help you settle properly in a foreign land. Plus an overseas consultant comes with many benefits like –
Consulting : In the first step, we explain to you how the application process works. We will help you choose the right university based on your ambitions and our team of experts will understand your goals.
Shortlisting : We shortlist the top business schools according to your preferences, goals, and budget.
Application Documentation : Please contact us if you have any questions about the documents required for admission. Our team is here to help you.
Application : Our goal is to make the application process as simple as possible for you, no matter where you are applying.
Interview Rounds : The majority of Spanish universities conduct interviews before admitting students. Mock interviews will be arranged for you to make it easier for you to succeed in the interview.
Financial Guidance : When it comes to finances, we will help you with it.
Visa Guidance : As part of our services, we will also apply for your visa and prepare for your departure so that you can concentrate on your future objectives.
Public universities are mostly free in Iceland, so, if you can secure a seat you will have the option to go tuition-free.
Known as the land of fire and ice, Iceland has gorgeous mountains, amazing glaciers, and is home to some beautiful views. So, it is easy to see why tourists love this part of the world. Reykjavik, the northern capital city is home to half of the country’s population. Also, this city is paced with numerous restaurants, bars, and museums. Your Icelandic experience won’t be complete without a dip in a hot spring. You will find hot springs all over the country and come in all sizes and shapes. It is also ranked as one of the eco-friendliest countries in the world and produces electricity using renewable resources. What’s more, the education sector in Iceland is awesome. Almost every Icelander loves to read and dreams of authoring their own book someday. You can also witness the Northern Lights from September till March in Iceland. So, if you are planning to complete your MBA in Iceland don’t forget to explore these amazing features that the country has to offer.
| Capital | Reykjavik |
| Largest City | Reykjavik |
| Official Language | Icelandic |
| Dominant Religion | Christianity |
| Total Area | 102,775 km2 |
| Total Population | 376,248 |
| Currency | Icelandic krona |
| Calling Code | +354 |
How Long Is An MBA Program In Iceland?
Most MBA courses in Iceland are conducted for 24 months; however, you will find 12 months courses too for part-time MBA.
How Much Does It Cost To Study In Iceland?
Private universities charge both tuition and registration fees which might vary according to the program. Normally MBAs in Iceland range between 700 EUR to 4000 EUR.
Will You Get A Student Card?
Most universities offer student cards to international students in Iceland. It helps you get discounts on hot meals, coffee, and other services.
What Services Are Offered By International Divisions?
The International Divisions manages formal relations with foreign education institutions and offers students, teaching staff, and faculties various services relating to international collaboration.
Is It Mandatory To Learn the Icelandic Language?
No, It is not mandatory to learn the Icelandic language if your course is English.
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