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University of Melbourne

Melbourne , Victoria ,Australia

Doctoral Program in Decision, Risk and Financial Sciences

What is it about?
The Doctoral program in Decision, Risk and Financial Sciences at the University of Melbourne in the Department of Finance provides training in the conceptual principles and research techniques across the social, biological and mathematical sciences fields that analyse human decision-making and problem-solving in the context of risk and complexity at individual and market levels. Students will draw on experimental methods and conceptual principles to deliver solutions to key research questions relating to decision-making, risk and financial sciences.

The program is made up of a 2-year Master of Commerce coursework program followed by a 3-year PhD.

Generous scholarships are available for high achieving applicants, including full fee waivers and a stipend of AUD$39,500 per year (2026 RTP rate).

Research conference travel funding of AUD$15,000 is available to all confirmed PhD candidates.

Training is provided by leading researchers from the Faculty of Business and Economics, the Faculty of Medicine, Dentistry and Health Sciences, the Florey Institute of Neuroscience and Mental Health, and the Melbourne School of Engineering. It includes two lab rotations in labs at the University of Melbourne or elsewhere.

After the coursework phase, students will conduct their research projects in a lab at the University of Melbourne, such as the Brain, Mind and Markets Lab. Research projects can span multiple disciplines and labs.

The program is located in Parkville, one of the largest precincts for biomedical research in the world, which provides access to cutting-edge research facilities, including state-of-the-art biomedical imaging platforms.

The Faculty of Business and Economics also has excellent relationships with industry and government, and the program encourages students to conduct research in collaboration with private and public sector partners.

Campus Information

Parkville campus

Our Parkville campus is a city within a city. With cafes, 12 libraries, gyms, specialty stores, a small supermarket, and even a seasonal farmers market, you’ll never have to leave. The Parkville campus is situated within a renowned knowledge precinct, which includes eight hospitals, many leading research institutes and a wide range of knowledge-based industries.

Intakes

  • July

Application Processing Time in Days: 60

Application Process

After Offer Acceptance, student receives ECOE ( Electronic Confirmation of Enrollment) and therafter visa is lodged.
Days

Minimum English Language Requirements

English Level Description IELTS (1.0 -9.0) TOEFL IBT (0-120) TOEFL CBT (0-300) PTE (10-90)
Expert 9 120 297-300 86-90
Very Good 8.5 115-119 280-293 83-86
Very Good 8 110-114 270-280 79-83
Good 7.5 102-109 253-267 73-79
Good 7 94-101 240-253 65-73
Competent 6.5 79-93 213-233 58-65
Competent 6 60-78 170-210 50-58
Modest 5.5 46-59 133-210 43-50
Modest 5 35-45 107-133 36-43
Limited 4 32-34 97-103 30-36
Extremely Limited < 4 < 31 < 93 < 30

Job Opportunity Potential

The University of Melbourne runs a twice-annual mentoring programme that brings students together with alumni mentors who guide them through the career decision-making process.

Faculty-specific resources assist students in finding the most relevant careers advice for them. Students are also able to take self-assessment tests to help them determine which occupation is most suited to them.

We run workshops, one-on-one sessions, and student mentoring programs to give you the advice you need, when you need it.

Get one-on-one support

The Careers and Employability Studio has gone virtual. Book in for an appointment with a career adviser.

Attend a workshop or session

We run a range of workshops, seminars and events to help support your skill development and employability.

About Careers and Employability

We provide you with the resources, support, and tools you need to achieve your career goals. Learn about our approach to employability and careers.

When you start university you may already know which career path you’d like to pursue. Or, you might be exploring your unique interests, passions, and opportunities.

No matter which category you’re in, career development starts from your first day at university. Career development doesn’t happen overnight. It takes time to develop a greater awareness of who you are and what you want to achieve.

At the University of Melbourne, career development is a journey that involves:

  • Understanding and reflecting on your motivations and preferences, current skills and knowledge gaps
  • Researching potential opportunities that help you develop meaningful, industry-relevant experiences
  • Goal setting and deciding on what career success means to you
  • Seeking and applying for roles that align with this vision.
  • During this process, your ability to understand and apply your knowledge will be critical in making successful career decisions. We have dedicated career advisers who can guide you through this career development journey.

What are employability skills?

Employability skills are more than just your ability to land a job. They cover your attitude, personal qualities, and transferable skills (e.g. teamwork and communication).

These skills are valued regardless of the role or industry you’re interested in—and understanding their importance can help you succeed in your career and beyond.

Our aim is to help you develop these skills so you can progress professionally in the workforce and community.

How we can help you

We provide online and in-person services: from one-on-one guidance, to learning modules, on campus workshops, and more.

We support you to:

  • Understand the possibilities open to you during and after your time at university
  • Design your career by understanding where your degree can take you, and guide you on what experiences will help you gain future employment
  • Identify your skills and how they apply to actual jobs in the industry you’re interested in
  • Find opportunities via our online jobs board and our employability programs
  • Connect with employers and professionals through our mentoring programs and industry networks
  • Navigate the job application process so your cover letter, resume, and interview style sets you up for success.
  • Our services are available to all current undergraduate and graduate University of Melbourne students.

PSW Opportunity

Post Study Work Steam Renames to Post Higher Education Work Steam.

  • Bachelor degree holders including honours can get upto 2 years of post study stay
  • Master by course work and extended (with a duration exceeding 2 years) can stay upto 2 years
  • Masters by research (with a duration exceeding 2 years) and PhD holder can stay upto 3 years
  • The Maximum eligible age to apply for PSW will be reduced to 35 years of age from 50 years of age for all applicants

Due to the Australian Indian Economic Cooperation and Trade Agreement signed by the 2 countries, according to which:

  • Indian students completing bachelor degree including honours can stay upto 2 years
  • Bachelor degree with First class honours in STEM including ICT can stay upto 3 years
  • Masters by coursework in extended researched (with a duration exceeding 2 years) can stay upto 3 years
  • PhD students can stay upto 4 years

Admission Requirement / Eligibility Criteria

In order to be considered for entry, you must have completed:

  • a four-year bachelor degree in a relevant discipline which includes a substantial research component equivalent to at least 25% of one year of full-time study and have achieved a minimum weighted average of 75% in the final year subjects or (University of Melbourne) equivalent, or
  • a masters degree in a relevant discipline which includes a substantial research component equivalent to at least 25% of one year of full-time study and achieved a minimum weighted average of 75% or (University of Melbourne) equivalent, or
  • a qualification and professional experience considered to be equivalent.
    and

- A research proposal (except for applicants in the disciplines of Accounting, Economics, Finance, the Melbourne Institute);
- A personal statement outlining why they wish to be considered for the course;

Referee reports (applicants who have graduated from the University of Melbourne within the last 5 years are required to provide the names and contact details of two academic referees only).

Meeting these requirements does not guarantee selection.

Selection

  1. In selecting applicants, the selection committee will consider applicants:

    • prior academic performance, and if relevant, professional qualifications;
    • understanding of the research question to be explored;
    • the results of a Graduate Record Examinations (GRE) test or Graduate Management Admission Test (GMAT) completed within the last 5 years. The following applicants are exempt from submitting a GMAT or GRE test:
      1. Those who have completed a tertiary degree in Australia or New Zealand within the 18 months prior to the date of application; or
      2. Those who face significant humanitarian issues.
    • performance at an interview;
    • motivation and capacity to complete the course in a timely manner; and
    • relevant prior research and/or professional experience.

Core participation requirements

All PhD candidates are required to complete the equivalent of at least 12 months full-time (24 months part-time) advanced study and research in the University unless studying at an outside institution approved by the Higher Degrees Research Committee (HDRC). The HDRC will not approve entirely distance supervision or entirely on-line supervision for research higher degree students.

Throughout your candidature you are expected to attend the University in order to benefit from planning, conducting and writing up your research within a University community and environment.

The residency requirement is deemed especially important during the period of probationary candidature. During probationary candidature you are expected to interact on a regular basis with your supervisor, the department (including staff and other research students) and the University, so as:

  • to build the skills and knowledge necessary to carry out the proposed research program
  • to acquire an understanding of the standards and requirements for a PhD awarded by the University
  • to make use of support programs and facilities provided by the University throughout candidature.

 

 For More Information Please Contact To Our PSA Counselor.

  • Course Code: 056955G,092761G
  • Course Type: Full Time
  • Course Level: Doctoral Degree/PhD
  • Duration: 05 Year  
  • Total Tuition Fee: 284960 AUD
    Average Cost of Living: 29710 AUD /year
    Application Fee: 154 AUD
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