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Ríkarður Ríkarðsson graduated with a BSc in Electrical and Computer Engineering from the University of Denver in 2000, and an MSc in Electrical Engineering from Stanford University in 2002. He completed the PED course at IMD, Lausanne, in 2017.

Ríkarður has worked at Landsvirkjun since 2011, and for the last five years he was executive director of Business Development and Marketing. Ríkarður was a management consultant at McKinsey & Company in 2009–2011. In 2006–2009 Ríkarður worked as executive director and advisor for Icelandic finance companies, and in 2002–2006 for an American tech company in Silicon Valley, managing its European business development from London.