In accordance with University of Iceland regulations, individual faculties are permitted to grant credit for courses or studies which a student has completed at another faculty or university. Students shall apply for such evaluation to the faculty, which decides whether the respective courses should be credited, and, in that case, how many credits they should be worth. The faculty shall seek the assessment of a teacher in the specific subject prior to making a decision. When handling requests for transfer credit, University faculties must comply with the international agreements concerning university education accreditation which Iceland is a party to, such as the Lisbon convention and the Nordic Education Ministers' Reykjavík Declaration.
Rules regarding evaluation of previous qualifications can vary from one faculty to another. The rules may stipulate a minimum grade in the subjects to be evaluated and a time limit may apply in terms of when examinations were completed. In addition, faculty rules stipulate whether credits may be tranferred for courses that have previously been counted towards a completed degree programme.
An application for transfer credit must be supplemented by a certified academic transcript with course descriptions from the university in question. In the application the student shall indicate whether the respective courses should be credited as elective courses or whether they should be credited in order to replace specific compulsory courses.