Faculty of Economics and Commerce Department of Finance

Doctor of Philosophy

The University of Melbourne is committed to offering a rigorous and well-resourced PhD program in Finance. The program is an integral part of the wider commitment to research and the Department recognises that PhD students are an important part of the scholarly community.

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Overview

In addition to teaching and supervision, the Department provides office space, computing and printing facilities, access to financial databases, research grants, conference funding and payment of journal submission fees.

The Department has a strong research orientation, with a considerable diversity of research interests including finance theory, asset pricing, derivative assets, corporate finance, financial institutions, market microstructure, real estate finance, behavioural finance and quantitative finance. PhD students are an important part of this research program and prospective students can expect close supervision.

The PhD in Finance includes a coursework component. Students undertake a maximum of one-year full-time equivalent coursework and two years of full-time research. The coursework is designed to ensure that students are competitive at the frontiers of finance. Students will also benefit from exposure to a number of international visitors throughout their program.

All PhD applicants must submit a research proposal. The proposal should demonstrate some awareness of the relevant literature and a clear statement of the research question. Applications are assessed in terms of the applicant’s academic background and their suitability to pursue research at a high level.

At the end of the first year of enrolment, a student’s candidature is confirmed subject to satisfactory completion of the coursework and presentation of an acceptable thesis proposal. The student is required to submit a thesis for external examination at the end of the third year of candidature.

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Admission criteria

  1. A Bachelor degree requiring four years of full-time study in which an overall level of Honours (H2A or above or the equivalent) was attained in the last year of that degree course or over the aggregate period of the course; or
  2. A Bachelor degree requiring three years of fulltime study followed by a fourth year equivalent full-time study, in a department of the University, considered by the Academic Board to be preliminary to undertaking a course of postgraduate study. The overall level of attainment to be at least equal to that in (1.) above; or
  3. The degree of Master which entailed work of a standard at least equivalent to that in (1.) above; or
  4. A degree of Doctor.

The requirement of H2A is a minimum requirement. Our successful applicants generally have a strong H1 gradepoint average.

Admission to the PhD program is at the commencement of semester one each year (March intake).

For Semester 1, 2009 entry, the GMAT or GRE examination is required.

 

What we look for

The university admission criteria require all candidates for the PhD to hold at least a four year degree in finance and to have experience in scholarly research.  In evaluating applications, we look for a strong specialization in finance during that four year degree. 

We expect PhD candidates to have a background in corporate finance and investments and a background in one or more of the following fields:

In addition, we expect PhD candidates to demonstrate their potential to do research by having a background in research methods, statistics, econometrics or mathematics. 

Applicants with specializations in related fields

We encourage applications from students with specializations in related fields, such as accounting and economics.  While applicants with these backgrounds may not have a specialization in finance, they may have taken a complex of related subjects that demonstrate the ability to do a PhD in finance. 

Applicants with strong academic backgrounds but insufficient finance may be offered admission to the Master of Commerce leading to a PhD. 

Applicants with accounting degrees as their undergraduate and/or postgraduate qualifications should pay close attention to the background requirements listed in the section: What we look for.

While the course content in accounting and finance degrees overlaps at points, the body of knowledge developed in the two disciples is different.  Your application must demonstrate that you have a specialization in finance within your accounting degree.  One way to reveal your specialization in finance is to include the syllabi for the subjects you have taken that developed the finance knowledge indicated in the section: What we look for.

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Duration

The course requires students to undertake a maximum of one-year full-time equivalent coursework and two years of full-time research. Candidates are required to complete six semester-length coursework subjects and a thesis workshop in the first year of study. Satisfactory progress will require that a candidate has performed satisfactorily in the coursework subjects and has satisfactorily completed a thesis proposal in the Thesis Workshop.

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Program Structure

The first year of coursework consists of six semester-long subjects comprising one economics subject, two quantitative subjects, three finance subjects and a year long (double subject) Thesis Workshop.

A. One economics subject selected from:

B. Two quantitative subjects selected from:

C. Two PhD-level finance subjects:

D. One finance subject chosen from:

Students may choose alternatives to those listed in A, B or D with the approval of the PhD Coordinator in the Department of Finance. The majority of subjects taken in A, B and D must be at level 6 or above.

Dissertation Proposal and Workshop (double subject):

 

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