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Decision, Risk and Financial Sciences, Ph.D.

  • Application Deadline
  • 60 months
    Duration
University rank #31 (WUR) Melbourne, Australia
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. 
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Overview

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 Doctoral program in Decision, Risk and Financial Sciences at the University of Melbourne is made up of a 2-year Master of Commerce coursework program followed by a 3-year PhD.

Generous scholarships (full fee waivers and a stipend of AUD$30,000 per year) are available for high-performing applicants through the University of Melbourne.

Top-up funding of AUD $10,000 available for research, experiments and conferences during the research phase of the program.

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.

Where will this take me?

The Melbourne Business School Doctoral program prepares graduates for research and teaching careers at top-ranked educational institutions and for careers where world-class research and advanced analytical skills are necessary.

Detailed Programme Facts

  • Programme intensity Full-time
    • Full-time duration 60 months
  • Languages
    • English
  • Delivery mode
    On Campus

Programme Structure

Key areas of study include:

  • Individual decision-making: Experimental investigation of the neurobiology of decision-making and learning (decision neuroscience), with a focus on decisions in the presence of risk (e.g., extreme events) and complexity (e.g., combinatorial problems); human-robot interaction in financial decision-making (e.g., robo-advisors).
  • Group decision-making: Experimental investigation of decision-making and learning in small groups.
  • Financial markets: Experimental investigation of decision-making in financial markets (experimental finance), e.g.: emerging intelligence through markets; dark markets; algorithmic trading; human-robot interaction in markets; combinatorial double-sided markets.
  • Development of software: online double-sided markets platform; app development with interactive games/tools needed to overcome cognitive biases.

English Language Requirements

  • Minimum required score:

    94

    The TOEFL iBT ® measures your English-language abilities in an academic setting. The test has four sections (reading, listening, speaking, and writing), each with a score range of 0-30, for a total score range of 0-120.

  • Minimum required score:

    7

    The IELTS – or the International English Language Test System – tests your English-language abilities (writing, listening, speaking, and reading) on a scale of 1.00–9.00. The minimum IELTS score requirement refers to which Overall Band Score you received, which is your combined average score. Read more about IELTS.

  • Minimum required score:

    600

    The TOEFL®PBT is administered in a paper format and measures your ability to use and understand English in a classroom setting at the college or university level. It accurately measures how well you can listen, read and write in English while performing academic tasks.

  • Minimum required score:

    65

    PTE Academic (Pearson Test of English Academic) is a language test that enables students to demonstrate their writing, listening, speaking, and reading skills when applying to study in English. Delivered and marked by computer, it reports on a scale between 10 and 90.

    More about PTE Academic

General Requirements

056955G | 092761G

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% (80% for Economics) 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.

Tuition Fee

  • International

    45824 AUD/year
    Tuition Fee
    Based on the original amount of 45824 AUD per year and a duration of 60 months.
  • National

    Free
    Tuition Fee
    Based on the original amount of 0 AUD per year and a duration of 60 months.
We've labeled the tuition fee that applies to you because we think you are from and prefer over other currencies.

Living costs for Melbourne

  • 1501 - 2660 AUD/month
    Living Costs

The living costs include the total expenses per month, covering accommodation, public transportation, utilities (electricity, internet), books and groceries.

Funding

Studyportals Tip: Students can search online for independent or external scholarships that can help fund their studies. Check the scholarships to see whether you are eligible to apply. Many scholarships are either merit-based or needs-based.

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