Rannvá has an MSc in Environment and Natural Resources with a specialisation in economics from the University of Iceland. A Marie Sklodowksa-Curie grant recipient, she completed her PhD in Environment and Natural Resources from the Business School at the University of Iceland in 2020. In her PhD, she analysed the Faroese fishery and how management affects biological, economic and social outcomes. As part of her research, she developed new biological, economic and social sustainability indicators for the Faroese fishery, and applied the Fishery Performance Indicators framework to the Faroese fishing industry to quantify biological, economic and social outcomes and compare outcomes with other similar fisheries.

Rannvá’s current research is on sustainability indicators and the United Nations Sustainable Development Goals, food waste and resource utilisation of food waste, life cycle analysis in the fishing industry, and sustainable producer ownership models of consumer products.