[5] Following the standards of the Bologna process, IUA offers bachelor's degree programmes (3 years, 180 ECTS credits, Bachelor of Fine Arts), and master's degree programmes (2 years, 120 ECTS credits, Master of Fine Arts).

Distinguished former students and faculty members at IUA include: Fine Art: Bryndís H. Snæbjörnsdóttir, Carl Boutard, Egill Sæbjörnsson, Elín Hansdóttir, Hekla Dögg Jónsdóttir, Hrafnhildur Arnardóttir (Shoplifter), Hugleikur Dagsson, Ólöf Nordal, Ragnar Kjartansson, Sigurður Guðjónsson, Monika Larsen Dennis.

Performing Arts: Baltasar Kormákur, director and actor.

Þorleifur Örn Arnarson, theatre director and playwright.

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