The master's program in Coastal and Marine Management was launched in September 2008 in the presence of the Minister of Education and the master's program in Coastal Communities and Regional Development was launched in 2018. Students graduate from the University of Akureyri but all teaching takes place at UW in Ísafjörður. The programs are international, interdisciplinary, and taught in modules. All modules are open to participants from local and foreign universities, and the business community. There are currently around 40 first year master's students enrolled in the programs in addition to a similar number of second year students.

The University Centre is the largest organization in Ísafjörður’s Vestrahús building and is a leading agency in the co-operation among the Westfjords innovation cluster. Generally the University Centre does not conduct research except in collaboration with research institutions within and outside the Westfjords.

The University Centre is a member of international partnerships, for instance through the University of the Arctic, and has participated in projects of the Nordic Council and the European Union.

The University Centre focuses on academic quality and follows the Bologna requirements for European universities in co-operation with its domestic and foreign partner universities.

The University Centre is a young and flexible organization. Employees strive to serve the educational and research needs of the Westfjords to the fullest and to provide students and researchers outside the region, who wish to connect with the small but fascinating research environment in the Westfjords, with an excellent service.