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MBAInternational ProgrammeChange, Lead, Innovate
DEAN’S WELCOMEA warm welcome to the Reykjavik University School of Business!The Master of Business Administration (MBA) at Reykjavik University is a unique programme.Taught entirely in English, the programme offers an outstanding international learning experiencein the beautiful surroundings of Reykjavik. The programme is taught by distinguished residentfaculty and visiting professors from leading international business schools – in fact the latter teach70% of the programme – all of whom bring their superior knowledge, expertise, and experienceinto the classroom. Our MBAs work in various fields both internationally and in Iceland, and somehave started their own companies. Perhaps the most outstanding feature of the programme is theapproach to teaching and learning, which emphasises not only professional, but also personaldevelopment of the students. The high quality of the programme was confirmed in 2011 when itwas awarded a five year unconditional accreditation by the Association of MBAs (AMBA). Only 3%of MBA programmes in the world have achieved AMBA accreditation. No other MBA programmein Iceland has such an accreditation.We welcome our students to our new campus, located in the Nautholsvik area of Reykjavik. TheMBA facilities feature two state-of-the-art classrooms and a private area along with several smallmeeting rooms where MBA students can concentrate, learn and share.This year is the thirteenth year the MBA programme has been offered at Reykjavik Universityand nearly 500 MBAs have graduated from the programme. Our students have found out that bytaking an MBA they have made a positive change in their life, attained a competitive advantageand increased their opportunities in the job market. The AMBA accreditation further enhances thecompetitive edge of our MBA graduates.Enjoy your tour of the MBA programme at Reykjavik University!Friðrik Már Baldursson, PhDDeanSchool of BusinessReykjavík University
MBA Programmeat Reykjavik UniversityReceives International AccreditationIn 2011 Reykjavik University received international accreditationfor the MBA programme. This is the highest recognition anMBA programme can receive and the first time that a businessprogramme in Iceland receives accreditation of this kind.The accreditation is granted by the Association of MBAs (AMBA)which is among the most respected associations of its kind inthe world.The accreditation certifies that the MBA programme at ReykjavikUniversity is now in the top three percent in terms of qualityamong approximately 6000 MBA programmes offered worldwideand is now one of 186 schools that have received this kind ofaccreditation. Only around 5% of the programmes which seekaccreditation from AMBA receive one. The MBA programme atthe RU School of Business received the AMBA accreditation forthe duration of five years without comments or conditions. It isvery rare for AMBA to grant full accreditation for the first time thatan application is submitted.For further information go to: www.ru.is/mbaHigh demands are made of universities which receive the AMBAaccreditation, and the Association has conducted assessmentsof many of the best business schools around the world. Amongthem are the Business School of Oxford University and LondonBusiness School in the UK, IESE and ESADE in Spain, INSEADand HEC in France, CBS in Copenhagen, and IMD in Switzerland.The quality requirements made by AMBA extend to instructorsand staff, administration, teaching, quality processes, and otherfactors.The AMBA accreditation committee was pleasantly surprised tofind out how high the percentage of women is among RU MBAgraduates – it is 42%, which is among the highest proportions inthe world.RU MBA students now hold and graduate with a MBA degreethat is internationally accredited and acknowledged worldwide.
Why MBA at Reykjavik University?The strength of the Reykjavík University MBA (RU MBA)programme lies in the exceptional quality of both faculty andstudents, the international nature of the programme, a dynamiclearning environment, and strong ties with the businesscommunity.What an MBA degree will do for you Develop an excellent portfolio of business knowledge andskills Improve your personal skills, especially in communication andteamwork Help you learn from a group of fellow students with verydiverse backgrounds Assist you in building your own network of colleagues,including MBA AlumniDuring your study you will discover that not only are you ready forchange, but change is ready for you in the form of a wider rangeof career opportunities.During your MBA studies at ReykjavíkUniversity you will: Work with outstanding teachers, recognised experts in theirrespective fields that fly in from all over the world Strengthen your international perspective Gain extensive experience through different teaching methodsand active participation in classes Succeed in your personal development, working on the veryskills that help you to lead and innovate Create value for your company by putting to work newexperience and skills that you acquire from day oneBy taking an MBA you are investing in yourself and givingyourself a strong competitive advantage.
Programme OverviewThe Reykjavík University MBA is an intensive two-year executiveprogramme. Participants receive rigorous training in all aspectsof business administration, ranging from accounting to finance tostrategy and human resource management. Additionally, there isa great deal of emphasis on developing the personal capabilitiesof participants to make them more effective at leading andinfluencing people around them. The Spring semester is from early January to early May. First year students have the option of attending preparatorycourses before commencing the study to get themselvesready. Students should plan for at least 30 hours per week onaverage for studying and attending classes. Assessment is based on individual and group projects, classparticipation, case studies, exams and team evaluations.About the RU MBA The MBA at RU is an Executive MBA programme tailoredaround people who are working. All classes are conducted in English. Classes take place in the form of compressed modules fromThursday to Saturday every other weekend. Most core courses are held during two weekends, and theassessment is done at the end of the module. Therefore thereare no final exams in December and May. Teaching is every other Thursday from 13:00-18:00, Friday8:30-17:00 and Saturday 8:30-17:00. The Fall semester is from middle of August to middle ofDecember.For further information go to: www.ru.is/mbaTuition The total cost of the MBA programme is ISK 3,250,000. The tuition fee includes: all teaching materials (e.g., books,cases, folders etc.), as well as numerous activities, personalitytests, short focus courses, and light refreshments when atschool. Payment is divided equally between four semesters and eachsemester is paid in advance. The two year programme accounts for 90 ECTS. LÍN provides loans for students as long as they fulfill certaincriteria. Please refer to www.lin.is for further information aboutstudy loans.
Programme StructureFirst yearSecond yearThe eight core courses in the first year develop critical management skills and the core functional skills which form the pillarsof operating a business enterprise. During the first year you willdevelop essential business knowledge that provides a solidfoundation for your future in management in a global businessenvironment. This foundation and knowledge will give you theperspective and balance to lead effectively.In addition to core courses in the second year, participants havethe opportunity to choose between electives from the disciplinesoffered. MBA students have the option of selecting electives inother Master programmes within RU. The electives give you achance to broaden your experience and perspective or expandyour knowledge in a specific area. A mandatory final group project is to be completed in the last semester. Elective offerings aresubject to change.International electives in the second yearMBA students can apply for a semester abroad during theirthird semester. The seats and schools that are available arelimited and can vary from year to year. In recent years, MBAstudents have attended outstanding business schools likeCEIBS (www.ceibs.edu) in Shanghai that is consistently rankedas the best business school in Asia. MBA students have alsoattended semesters at Instituto de Empresa, which consistentlyranks among the top 10 European business schools. Taking anexchange semester represents a great opportunity for RU MBAstudents to gain a thorough insight into new markets.Leadership RoundTables with Dr. HenryMintzbergThe RU MBA is a member of a consortium of universities thathave partnered to create a highly interactive, action orientedleadership course on “getting it done”. The project is calledthe “Leadership RoundTables” and is designed, organised andconducted by Professor Henry Mintzberg (McGill University)and Jonathan Gosling (Exeter). This programme, which is conducted each year, is open to a group of students from the RUMBA, McGill (Canada), Exeter University (UK), Egade (Mexico),IE DC (Slovenia), and a few other universities. Participating inthis programme is a unique learning and networking opportunity for RU MBAs.
FIRST YEARCORESECOND YEARFirst SemesterSecond SemesterThird SemesterFourth SemesterManagerial EconomicsMarketing ManagementLeadership & Change ManagementInternational Strategy & Final ProjectManagerial AccountingCorporate FinanceBusiness Law***Strategic Decision MakingOrganisational Behaviour Business StatisticsCorporate Social Responsibility***Personal Development***Managerial SkillsHR StrategyELECTIVESOperations ManagementLeadership RoundTables***Performance Management***New Venture Creation ***International Management***ELECTIVES INOTHER MASTERPROGRAMMES AT RUBusiness and Markets in AsiaBusiness and Markets in EuropeInternational FinanceGlobal EconomyEXCHANGESEMESTER ANDINTERNATIONALELECTIVESExchange Semester AbroadPortfolio Management Course atBoston University***PersonalDevelopmentSelf awarenessDevelopment Plans* The MBA curriculum consists of a total of a minimum of 90 ECTS credits.Normalcoursesaccount for 6 ECTS credits. *** 3 ECTS credit courseFor further informationgo to:www.ru.is/mbaBuilding CareerBuilding Competence
International PerspectiveThe RU MBA programme offers its students face-to-face access to top internationalminds in the subject area, which will clearly help the students in grasping the subject andbecoming exceptional professionals. We are using a geocentric approach to selectingprofessors: colour of the passport does not matter, only expertise and experience do.FACULTY INCLUDESAðalsteinn Leifsson, MBAAssistant Professor, Reykjavík University,IcelandCourse: Managerial SkillsGerard Seijts, PhDAssociate Professor at RichardIvey School of Business, CanadaCourse: Leadership and ChangeMarc Sachon, PhD, MBAAssociate Professor at IESE BusinessSchool, SpainCourse: Operation ManagementAnn Armstrong, PhDProfessor, Rotman School of Management, CanadaCourse: Organisational BehaviourJoe Pons, PhD, MBAAxioma Marketing Consulting,SpainCourse: Marketing ManagementMurray Bryant, PhDAssociate Professor at Richard IveySchool of Business, CanadaCourse: Managerial AccountingAuður Arna Arnardóttir, PhDAssistant Professor, Reykjavík University,IcelandCourse: Personal DevelopmentJohn C. Groth, PhDProfessor at Texas A&M University,USACourse: Corporate FinanceMark Mendenhall, PhDProfessor at University of Tennessee,Chattanooga, USACourse: Personal DevelopmentDavid Griswold, DBA, MBAAssociate Professor, Boston University,USACourse: Managerial EconomicsKetill Berg MagnússonLecturer, Reykjavík University,IcelandCourse: Corporate SocialResponsibilityPaul Kearns, MScPersonnel Works Ltd, UKCourse: HR StrategyEric Weber, PhD, MBAAssociate Dean, IESE, SpainCourse: Strategic Decision MakingKristján Vigfússon, MA, MBAAssistant Professor, ReykjavíkUniversity, IcelandCourse: International Strategy andFinal ProjectVlad Vaiman, PhD, MBADirector of Graduate Programmes andProfessor, Reykjavík University, IcelandCourse: International ManagementFinnur Oddsson, PhDAssistant Professor, Reykjavík University,Iceland and CEO of Iceland Chamber ofCommerceCourse: Performance ManagementJónas Fr. Jónasson MBA, LLMLecturer, Reykjavík University,IcelandCourse: Business LawWilliam F. Crittenden, PhDProfessor of Int. Business & Strategyat Northeastern University Boston, USACourse: Int. Strategy and Final ProjectFrank Hoy PhDProfessor, Worcester PolytechnicInstitute, USACourse: New Venture CreationKristín Friðgeirsdóttir, PhDAssistant Professor at LondonBusiness School, UKCourse: Business Statistics
17824 356“The MBA programme at Reykjavík University is anambitious program that offers its participants a globalexperience in a convenient location. The quality andenthusiasm of the participants has made teachersfrom all over the world committed to teaching inthe programme. The dynamic atmosphere of theclassroom creates an excellent learning environmentwhich everyone seems to enjoy – not least theteacher.“Dr. Kristín Friðgeirsdóttir, London Business SchoolCourse: Business Statistics1.2.3.4.5.6.7.8.Richard Ivey School of Business, OntarioRotman School of ManagementBoston UniversityNortheastern University BostonLondon Business SchoolIESE, Business School, BarcelonaTennessee, Chattanooga, USATexas A&M University, USA“In a world full of MBA programmes, this one is a realgem. Clearly world-class, and the ideal programmefor students who are looking for a forum to acquireideas and cutting-edge knowledge free of a particularnational mindset or academic slant. The caliber ofstudents and faculty staff is outstanding. Students areexceptionally prepared and easily stack up against anyMBA Student from anywhere in the world. The faculty– made up of people from Iceland and both sides ofthe Atlantic – has the right mix of academic theory andpractical experience. This programme is exceptional!”Dr. David Griswold, Boston UniversityCourse: Managerial Economics
the MBA at ruThe MBA programme at Reykjavik University was founded in2000, and the first cohort graduated in 2002. Student intakeranges from 25 – 55 over the years.The average age of MBA students is 39, and the ratio of women(42%) to men (58%) is one of the highest of all MBA programmesin the world.It is tremendously important to have a strong group of studentswith different backgrounds, as the teaching methods in the RU MBA demand a great deal of student participation and groupwork. Therefore, we aim to have people from different disciplinesand with significant professional experience.We talk regularly with our alumni, gathering opinions, information and advice through a range of surveys, focus groups andinterviews in a constant effort to improve the programme. Resultsfrom the alumni survey of all our MBA graduates speak volumesabout the “Return on Investment” of the time, funds and effortput into the study.What they liked best about the programmewere: “outstanding professors” “teaching methods” “fellow students” and “personal growth”The main reasons for taking the MBA atReykjavik University were:6%Business & Economics9%31%Computer ScienceEngineering & Technical Engineering15%Social SciencesHumanities13%13%13%Natural SciencesOtherFor further information go to: www.ru.is/mba Excellent Professors International Emphasis Dynamic Teaching Methods
PERSONAL DEVELOPMENTWhen CEOs are asked about the most importantcharacteristics of managers and leaders the mostcommon answers are: “Communication and interpersonal skills” (89%) “Ability to work well within teams” (87%) “Personal ethics and integrity” (85%) “Analytical and problem-solving skills” (84%)(2004 Wall Street Journal survey).At the same time research shows that the most commoncomplaints from companies when they hire MBAs include: “Communication skills” “Written skills” “Teamwork skills” “Creativity” “Persuasion and influence”(“Coaching and Developing Others” (Juan Carlos Pastor,Director of the Center for Global Leadership, 2005)).This realization has called the attention of all leading MBA schoolsto the need to purposefully improve the development of the“people skills” of their graduates, and that is why the PersonalDevelopment Programme is at the heart of the ReykjavikUniversity MBA programme – starting during orientation weekand running until the last class of the programme.The core focus of the Personal Development Programme is initially on students gaining greater self-understanding. By gaininggreater self-understanding and by developing and practicingvarious interpersonal skills, in addition to getting solid conceptualand technical knowledge and training, Reykjavik University MBAstudents become better equipped both as individuals and astomorrow’s leaders.Personal DevelopmentSelf awarenessIn recent years industry recruiters, MBA management faculty,business media and others have noted that even though today sbusiness graduates have an abundance of technical knowledgeand conceptual skills they may be somewhat lacking the interpersonal and social skills necessary to manage and lead peopleeffectively.Development PlansBuilding CareerBuilding Competence
The MBA programme proved to be a greater challenge than I had expected. You are required to study hardand the professors are really demanding and challenge students. What also proved to be challenging was toface yourself and grow and develop as an individual. After the MBA course I have a greater understanding andknowledge of the business environment. I have also developed my leadership skills and I am a much morecompetent manager in my business than ever before. I have gotten to know my strengths and I m much moretolerant towards my weaknesses.I owe this to the MBA programme at Reykjavik University.Margrét Pála Ólafsdóttir, MBA 2011, Founder and CEO of HjallastefnanThe RU MBA is an excellent programme that provides students with profound insights into leadership,strategic thinking, and business operations. I was consistently blown away by the quality of our professorsand the dedication of the support staff. The programme brought me to two continents (Africa and Asia) andprepared me to perform at the highest level in an international environment. I am confident that the RU MBA isthe single best investment that I have made in my career.Alexander Óðinsson, MBA 2010, Sales Manager at GoogleWhen deciding to head for an MBA-degree at Reykjavík University I had in mind to broaden my horizon,acquire competence in business decisions and strengthen myself as a leader. The programme has exceededmy expectations: Extraordinarily good international teachers, continuous team work with fellow students withdiverse and strong backgrounds, an excellent organization and a healthy emphasis on personal developmentcharacterize the RU MBA. In a dramatically changing environment all around the world, I am very confidentthat this programme gives me a unique opportunity to become capable to compete internationally in healthcare and in other areas.Dr. Jan Triebel, MBA 2010, Medical DirectorI was taking my first steps as an entrepreneur looking for an opportunity to hone my business skills. I soonfound out that an MBA at RU would be a good choice for me, but never did I imagine what was yet to come.What surprised me the most was the quality of the teachers. Their performance and effort to get us out of ourcomfort zone is something I will never forget. Learning by trial and error was to say the least very helpful andtheir words are still vivid and clear guiding me in my new venture.Elínrós Líndal Ragnarsdóttir, MBA 2010, Founder and CEO of ELLAI chose to pursue RU‘s MBA programme because of its outstanding faculty from some of the world‘s leadingbusiness schools who brought the latest thinking in management education in addition to being esteemed intheir respective fields. The MBA programme accelerated my professional transition from middle managementand specialist roles into executive management. It helped develop confidence and effective management style.I also experienced personal growth through the teamwork emphasis and learning from fellow students.Sigurður Erlingsson, MBA 2010, CEO ÍbúðalánasjóðurFor further information go to: www.ru.is/mba
RUMBA - The ALUMNI NETWORKRumbaFrom the moment you join the MBA programme at RU you become part of an Alumni Network (RUMBA) and join a diversecommunity of high achievers connected by a shared experience.In addition to networking, the benefits of being an RU alumnicontinue long after the completion of the programme and entailboth continued education and various social activities. Alumni arealso allowed to re-join the RU MBA for new electives to enhancetheir expertise in certain fields.For more information go to: www.ru.is/mbaEmblurThe RU MBA has one of the highest percentages of women ofall MBA programmes in the world. At Reykjavik University, 42%of graduates are women, while the worldwide average is 25%.All women are invited to join EMBLUR when they enter theMBA programme. EMBLUR S objective is to empower womenand strengthen networking and business relations between allwomen who graduate with an MBA degree from RU. EMBLURhosts various functions, meetings and seminars to empower thewomen of the RU MBA.For more information go to: www.emblur.isCareer servicesReykjavík University operates a career service office specialisingin coaching and counselling for students entering the job marketor looking to change their career. RU Career Services providestailored assistance to RU MBA students who want to explorenew career opportunities.For more information refer to: www.ru.is/atvinna
Admissions and ApplicationPrerequisites Bachelor’s Degree Work experience (at least 3 years) Good command of the English languageTwo places in the programme are reserved each year for students who do not have a Bachelor’s Degree but have a uniquework experience and background.Required documents Curriculum vitae with pictureOfficial transcripts of diplomasTwo letters of recommendationAn essay answering two questions(1000 words max):1. Why do you want to pursue anMBA programme?2. Discuss your short-termand long-term goalspost-MBAAll applications are treated in confidence.We look forward to hearing from you.For further information go to: www.ru.is/mba
for further information go to:www.ru.is/mba or send us an email at mba@ru.isThe MBA teamVlad VaimanDirector of Graduate Programmesvlad@ru.isHrafnhildur HafsteinsdóttirMBA Programme Managermba@ru.isTel. 354 599 6506Kristján VigfússonMBA Academic Advisorkristjanv@ru.isReykjavík University Menntavegur 1 101 Reykjavík Iceland Tel. 354 599 6200 ru@ru.is www.ru.is
The Master of Business Administration (MBA) at Reykjavik University is a unique programme. . The MBA at RU is an Executive MBA programme tailored around people who are working. . at Northeastern University Boston, USA course: Int. Strategy and Final Project
