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 38,500 per year (2025 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.

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Applicants are required to satisfy the University's English language requirements for graduate courses.

Applicants from countries where English is not the official language or the language of institutional instruction and assessment must provide evidence of English language proficiency.

Minimum scores and tests accepted

• IELTS (academic English only): Overall 7.0 with 7.0 in writing and no band less than 6.0
• TOEFL (internet-based): 94, with writing 27, speaking 18, reading 13, listening 13
• Pearson Test of English (Academic): 72+ with written communicative skill of 75 and no other communicative skill below 60
• Cambridge English: Advanced/Certificate of Advanced English (CAE): 185+ with no less than 185 in Writing and 169 in each other skill

Applicants may be provisionally offered a place in the program on the condition they attain the required minimum English proficiency level before commencing the program.