Bifröst University was founded in Reykjavík Iceland in 1918 on the model of Ruskin College, Oxford, under the name Samvinnuskólinn or the Cooperative College. From the start, its role was to educate leaders for business and society at large. The school was moved to Borgarfjörður in 1955, situated 110km north of the capital. Bifröst is the only Liberal Arts campus school in the country, it was accredited university in 1988, first only in Busines, then also offering degrees in Law since 2002 and in Social Science since 2005.
Bifröst is a private, self-governing, non-profit institution, which receives around 40% of its income from the Icelandic state, 40% from tuition fees and 20% from other sources. Alumni from Bifröst include many prominent entrepreneurs and leaders in Icelandic business and politics, including Prime Minister of the country.