The Iceland Academy of the Arts is comprised of five departments: the Department of Arts Education, the Department of Design and Architecture, the Department of Fine Arts, the Department of Music and the Department of Performing Arts. In addition, the Academy operates a special programme within the Department of Music for secondary level students. Special sets of rules apply to this program.

The Academy departments shall maintain close cooperation. Through the sharing of resources, staff, equipment, library and other facilities the Academy shall strive to ensure efficiency and a diversity of educational opportunities. For this purpose the departments can transfer staff from one department to the other or to work for the Academy in general.

The departmental deans are responsible for the management of the departments.