The Permanent Secretary is in charge of the operations of the Ministry of Finance and its chief representative after the Minister. Guðmundur Árnason, gudmundur.arnason (), is the Permanent Secretary.

Departments are headed by Directors General and they report to the Permanent Secretary. The departments are:

Minister's Secretariat
Legal Department
Administrative Department
Department of Economic Affairs and Financial Services
Department of Fiscal Affairs
Department of Taxation
Department of Public Management and Reform
Personnel Policy Department

The main elements of the Ministry‘s organisation are as follows:

  1. The Permanent Secretary is in charge of the Ministry and reports to the Minister. The Minister also appoints one of the Directors-General to act as Deputy Permanent Secretary.
  2. A political adviser works with the Minister.
  3. A Director-General is in charge of a department.
  4. Analysts or specialists work in individual departments. The same applies to other staff. Each Director-General  receives a Letter of Instruction whereas analysts and specialists work according to Work Outlines.