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RMIT University

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PhD (Economics, Finance & Marketing)

Doctorate (PhD)

Key details

About this course.

In this PhD program you will develop advanced research skills that will prepare you for a career in academia and other settings in which systematic and critical analytical skills are required.

This PhD degree may be undertaken in a project or thesis mode.

You can specialise in:

  • empirical microeconomics
  • innovation economics
  • development economics
  • health economics
  • cultural economics
  • applied economic modelling
  • behavioural economics
  • experimental economics
  • corporate governance/social responsibility.
  • capital markets and financial institutions
  • financial instruments
  • international finance
  • macroeconomics.
  • product innovation
  • social marketing
  • electronic marketing
  • services marketing
  • macro marketing
  • integrated marketing communications
  • sponsorship
  • business-to-business marketing
  • consumer behaviour
  • buyer behaviour
  • word of mouth
  • customer relationship management
  • consumer psychology
  • service quality

Entry requirements

The minimum requirements for admission to a PhD program are:

  • a bachelor degree requiring at least four years of full-time study in a relevant discipline awarded with honours. The degree should include a research component comprised of a thesis, other research projects or research methodology courses that constitute at least 25% of a full-time academic year (or part-time equivalent). The applicant must have achieved at least a distinction average in the final year; or
  • a master degree that includes a research component comprised of at least 25% of a full-time academic year (or part-time equivalent) with an overall distinction average or a master degree without a research component with at least a high distinction average; or
  • evidence of appropriate academic qualifications and/or experience that satisfies the Associate Deputy Vice-Chancellor, Research Training and Development or nominee that the applicant has developed knowledge of the field of study or cognate field and the potential for research sufficient to undertake the proposed program.

At RMIT a grade of distinction represents academic achievement of 70% or higher and a high distinction is 80% or higher.

If you are a current master by research candidate, you are able to apply for a transfer to a doctor of philosophy program through the process prescribed in the RMIT Higher Degree by Research policy and processes.

Study locations

Melbourne city, career pathways.

Graduates will be able to pursue an academic career in a university or be employed in senior leadership and management positions in government, non-government organisations and corporations.

As a researcher, your mastery of the discipline evidenced through a substantial and rigorous research project and other contributions to your field of specific interest can make a real difference to society.

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phd finance rmit

WELCOME TO BITS RMIT PHD APPLICATION PORTAL

What is a SOP?

Statement of Purpose must address the following in 1000 words or less and must be saved as a PDF.

  • Your motivation for doing a PhD.
  • Your aspirations for the future and how this PhD will assist you in your goals.
  • Why would you like to do a PhD under the BITS-RMIT PhD Partnership?
  • do respond to the essential and desirable skills of the project you have chosen,
  • include statements that are specific to each project you have chosen.
  • If you have chosen (applied for) more than one project, specify your preference of project.

Search below for projects and apply. (Maximum of two projects)

Applications must be submitted by 24 April for the July 2024 intake.

The application is in 4 parts:

  • PART A - Project selection and Statement of Purpose (What is a SOP?)
  • PART B - Personal Details
  • PART C - Qualification Details
  • PART D - RMIT specific requirements
  • PART E - Document upload (Have your certificates and other relevant documents ready to upload)

Use the following search filters to find projects of interest

  • Search by the discipline dropdown. You can select multiple option
  • Enter the project number if you know it and press ‘search’
  • Enter a project keyword (I.e. thermodynamic) and press ‘search’

Ensure you meet the requirements specified below before applying. Applications that do not provide evidence of meeting the minimum requirements will not progress further.

  • Master’s degree (MTech/ME/MPharm/MBA/MPhil, or equivalent with aggregate percentage of 65% or equivalent)*
  • GATE Score OR a high score in UGC-NET, CSIR, ICAR, ICMR, DST-INSPIRE**

*Where degree certificate or final year transcripts are not yet available, applicants may upload the previous semester / year transcripts

**Candidates without a valid GATE/ UGC-NET, CSIR, ICAR, ICMR, DST-INSPIRE score can be considered if they have undertaken GATE in the last five years AND/OR have a minimum of two years professional work experience, AND if they meet all other eligibility requirements. Where applicants wish to use the option of providing 2 years professional work experience as evidence – please include evidence within your uploaded documents

Select Discipline

  • Additive Manufacturing, Manufacturing, Automation
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  • Artificial Intelligence, Deep Learning, Information Extraction & Knowledge Extraction, Machine Learning, Natural Language Processing
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  • Biological Engineering
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  • Biology, Cell Biology, Niological Sciences
  • Biomedical Science and Biotechnology
  • Biomedical Sciences
  • Biotechnology
  • Business Analytics
  • Chemical Engineering
  • Chemical Engineering, Production Engineering, Thermal Eng, Separation Tech, Reaction Engineering, Powder and Particle Technology
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  • Chemistry, Electrochemistry, Medicinal Chemistry, Coputational Chemistry, Colloids, Surface Chemistry, Catalysis
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  • Completed Bachelor (Honours) in IT/ IS/ Business Management with CGPA at least 3.7/4
  • Completed Master degree (coursework/ thesis) in IT/ IS/ Business Management with CGPA at least 3.7/4
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  • Industrial Ecology
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  • MA in Development Studies
  • MA in Natural Resource Governance
  • MA in Public Policy/Political Science/Sociology or similar
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  • Mechanical Enineering, Mechanics, Mechatronics, Aerospace Eng, Hypersonics
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  • Poverty, Inclusivity and Wellbeing
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  • Public Policy
  • Robotics, Sensors, Signal Processing, Control Engineering
  • Social Sciences, Sociology
  • Sound knowledge in mathematics
  • Sustainable Development, Development Studies, Development Geography, International Development
  • Urban Development, Regional Planning
  • Waste Management

Search by the discipline dropdown. You can select multiple options

Search Tool (example: 'thermodynamic' or 'BITSRMIT100036')

Enter the project number or project theme (i.e. thermodynamic) if you know it and press ‘search’

Total Projects Found: 136

Project Description

The research project proposes a Blockchain-enabled solution for the integration of Medical Health Records (MHR). Healthcare information pertaining to patients’ data and transactions needs integrity, auditability, authenticity, scalability, and security features. The existing hospital information systems predominantly rely on cloud infrastructure managed by a single data provider, which exhibits multiple drawbacks, notably insufficient security protocols. Consequently, these weaknesses have resulted in numerous data breaches. The concentration of data in a centralized manner becomes a target for cyberattacks, which, in turn, gives rise to complications in maintaining a consistent patient data perspective across a network. Moreover, certain transactions demand a heightened emphasis on transparent and immutable record-keeping like procurement and shipping transactions within the supply chains of medical equipment and pharmaceuticals. Blockchain can offer cryptographic techniques to ensure data security, privacy and tamper-resistance. Blockchain can act as a standardised platform where data can be securely and efficiently exchanged between healthcare providers. Hence, the project will use the decentralized architecture of Blockchain that maintains distributed ledgers to achieve consistency, integrity, and authenticity of the transactions in the context of MHR. Specifically, the project aims to design a novel blockchain architecture for MHR management for diverse stakeholders by taking into account the issues of data security and heterogeneity. Access control is a crucial mechanism to ensure data security. Hence, the project will also focus on devising an access control mechanism that will allow individuals to allocate different permission levels with different granularities for the prevention of drug counterfeiting and medical/healthcare fraud.

BITS Supervisor

Prof. Subhrakanta Panda

RMIT Supervisor

Dr. Hai Dong

Other Supervisor BITS

Other Supervisor RMIT

Tabinda Sarwar

Required discipline background of candidate

Summary: Textile industries are the 3rd largest user of freshwater resources in the world, employing water in processes such as bleaching, scouring, dyeing, and finishing. The textile industries in Rajasthan, India, significantly contribute to social and economic empowerment. However, the majority of these industries discharge their effluents directly into the environment without any treatment. The important pollutants present in these effluents are chemical dyes and toxic heavy metals. Prof. Gupta’s research group at BITS Pilani has reported the synthesis and potential application of various eco-friendly nano-adsorbents, including functionalized Cu-based metal oxide nanoparticles, metal oxide frameworks (Ca-MOF, Fe/Al MOF and their GO composites) and composites (silver-yttrium oxide nanocomposites), for the removal of heavy metals and dyes from synthetic wastewater. Prof. Panwar’s research group at BITS Pilani has identified fungal isolates (Aspergillus terreus SJP02 and Ectophoma multirostrata SJP03) for the efficient removal of heavy metals and dyes from synthetic wastewater. Dr. Pramanik’s research group at RMIT, Australia, specializes in the development of separation-based technology for the removal and recovery of heavy metals from wastewater. Given the complexity of pollutants and the substantial volume of effluents, our proposed research aims to develop a nano-myco-membrane-based integrated prototype specifically designed for treating real-time textile effluents. This innovative approach not only seeks to address the removal of pollutants but also focuses on the recovery of heavy metals, offering an eco-friendly and cost-effective solution to a pressing environmental challenge. Aim: The proposed research work aims to develop a nano-myco-membrane based integrated prototype for the treatment of real-time textile effluents and recovery of heavy metals. Methodology: • Collection of wastewater samples from various textile industries of Rajasthan, India and their compositional characterization. • Fabrication of a range of nano-composite membranes with tuneable pore size and high water permeance for the removal of dyes and heavy metals and elucidate the associated removal mechanisms i.e., sieving, electrostatic interaction and/or Donnan effect, thus allowing removal optimization. • Investigate the effect of various physiochemical characteristics of the nanocomposite membrane and selected pollutants to investigate the factors that govern perform.

Prof Suresh Gupta

Dr Biplob Pramanik

Jitendra Panwar

Prof Jega Jegatheesan

This project aims to enhance the security and privacy of Internet of Things (IoT) devices by conceptualising and developing a novel authentication framework. Utilising the advanced cryptographic technique of Zero-Knowledge Proofs (ZKP), the project seeks to enable IoT devices to authenticate each other and to central services securely without exposing sensitive information. This approach is designed to overcome the limitations of traditional authentication methods, which often compromise privacy or are vulnerable to various attacks. The project expects to generate new knowledge in the field of cybersecurity, specifically in the authentication of IoT devices, using the innovative approach of ZKP. This project is interdisciplinary, drawing on expertise from cryptography, computer science, and IoT technology, and utilising new techniques to ensure the privacy and security of IoT communications. By addressing the critical challenge of preserving privacy while maintaining robust security, the project will contribute to the development of safer, more reliable IoT ecosystems. This project should provide significant benefits, such as bolstering the security infrastructure of IoT networks, protecting user privacy, and fostering trust in IoT applications. By ensuring that IoT devices can authenticate in a manner that does not compromise sensitive information, the project supports the wider adoption of IoT technologies in sensitive areas, including healthcare, smart cities, and industrial automation. Ultimately, the successful implementation of this project's outcomes will lead to more secure, efficient, and privacy-compliant IoT ecosystems, benefiting society by enabling the safe and trustworthy use of these technologies.

This project aims to address the critical need for sophisticated access control mechanisms in AI-enabled Internet of Things (IoT) systems. With the exponential growth of IoT devices and the increasing integration of AI technologies, securing access to IoT systems has become more complex and essential. This project expects to develop new security access control framework by using an innovative approach that is interdisciplinary, combining insights from cybersecurity, artificial intelligence, and IoT technology. It aims to utilize new techniques in zero knowledge proofs, policy enforcement, and device authentication to develop a dynamic access control framework that adapts to changing contexts and threats. The successful development and implementation of this Access Control Framework should provide significant benefits, including strengthened security and privacy protections in IoT systems, enhanced user trust in IoT technologies, and the promotion of safer and more reliable IoT applications across various sectors. By addressing the complex challenges of access control in the context of AI and IoT, the project will contribute to the resilient and sustainable growth of the Internet of Things as a critical component of our digital future.

Dr. Ashutosh Bhatia

Prof. Kamlesh Tiwari

Recommendation systems identify a fraction of items from a very large inventory of items and recommend them to a user. They are trained with machine learning algorithms to maximize a user-centered utility or a business process-oriented one. Automated next-best action recommendation for each user in a sequential, dynamic and interactive context has been widely needed in natural, social and business decision-making. Personalized next-best action recommendation must involve multi-sequence interactions between states, behaviors and actions, and their reactions to their counterpart's actions. No existing modeling theories and tools, including Markovian decision processes, user and behavior modeling, deep sequential modeling, and personalized sequential recommendation, can quantify such complex decision-making on a personal level. In this project, we will take a data-driven approach to learn the next-best actions for personalized decision-making with deep learning. We will develop a recommendation system for marketing strategy predictions. We will focus on fully data-driven learning methods for generating recommendation data such as Collaborative Filtering (CF) and their state-of-the-art variants in deep learning such as Factorization machines (FMs) and Graph Neural Networks (GNNs). The data representation from raw data will be done in the extract-transform-load (ETL) process for data integration, cleaning, transformation, visualization, smoothing, and reduction. It will be extended with steps for data governance on the datasets procured from real-world application. Then the plan is to build more complex models having improvements like link prediction and graph pattern mining to CF algorithms. We will then collect user feedback and incorporate into the data analytics project lifecycles. CF is a popular technique for estimating preference of end users by discovering the implicit correlation between the revealed responses of users. Back-end data architectures will be proposed to create efficient data pipelines. Our research efforts will be directed towards improving the interpretability of the deep learning to give personalized recommendations to individual users. Observations that contradict existing classifications may point to emerging topics. Making the wrong choices can be expensive. So we want to build deep learning models to predict the best offerings to each user, but with the least cost.

Dr. Aneesh Chivukula

Dr. Ashish Kumar

Dr. Manish Kumar

Due to emergence of clean, green and digital electric mobility, there is huge demand of electro-chemical devices such as battery driven electric vehicle or proton exchange membrane (PEM) fuel cell driven electric vehicles. However, challenges such as high cost, declined electro-chemical performance and poor durability, are hindering the uptake of these technologies. PEM fuel cell driven electric vehicle has several advantages over battery driven electric vehicle such as cost, efficiency, operability and most importantly energy densities. However, the durability of components of PEM fuel cell such as membrane, electro-catalyst, bipolar plates are on of major challenges in PEM fuel cell. Therefore, understanding the degradation behavior and its mechanism in advanced functional materials such as proton conducting membrane followed by its mitigation is a crucial step to enhance the stability of PEM fuel cells. The detailed investigations were carried out to identify the electro-chemical, physical and process parameters causing membrane degradation under real time operation of PEMFC. The membrane thinning, pin-hole formation, cracks formation, polymer backbone detachment and peroxide radical attacks are some of factors causing membrane degradation and affecting PEMFC performance. The proposed project focuses on mitigating PEM degradation through in depth exploration of key degradation factors. This approach involves implication of advanced mitigation strategies such as PEM material enhancements, optimization of operating parameters and implementation of innovative methodologies. The aim of this study is not only to identify but actively address chemical, mechanical and thermal degradation factors for PEM. The essence lies in translating these mitigation efforts in to perceptible improvements, enhancing the overall stability and lifespan of PEM fuel cells performing under typical loads profiles of heavy duty vehicles. This, in turn, will significantly contribute to viability of PEM fuel cells within the realm of clean and green electric mobility solutions. Keywords: Hydrogen mobility, PEM Fuel Cell, Advanced materials, PEM fuel cell durability, Membrane degradation

Prof. Jay Pandey

Bahman Shabani, PhD

In response to the growing imperative for sustainability, supply chains are under increasing pressure to shift from linear to circular models. Circular supply chains, rooted in the principles of narrowing, slowing, and closing, prioritise minimising raw material use, extending product durability, and maximising recycling and reuse at the end of a product's life. This approach replaces the conventional ‘end-of-life’ business model with a more sustainable one, emphasising reusing, recycling, reducing, and recovering resources. This research project aims to design a circular supply chain model for manufacturing firms, with a focus on those critical for trade between Australia and India. The study will investigate how these firms, spanning various industries, can effectively implement circularity in their supply chains. The research will delve into the intra and inter-organisational capabilities and institutional factors that interact to achieve a circular supply chain. The study will unfold in three phases. The first phase will encompass a comprehensive literature review to gain insights into the capabilities and factors that facilitate circular supply chains. The second phase will involve gathering qualitative data from manufacturing firms to understand how these identified factors operate in real-world scenarios. Drawing on the insights from Phases 1 and 2, the research will develop a model with hypotheses to illustrate the mechanisms involved in achieving circular supply chains. Finally, a large-scale survey will be conducted to test and validate the model, ensuring its applicability across diverse manufacturing sectors. This multi-phase, multi-methodology study aligns with the United Nations' Sustainable Development Goals, in particular Goal 12 (Responsible Consumption and Production) and Goal 9 (Industry, Innovation and Infrastructure). By incorporating the principles of narrowing, slowing, and closing in sourcing, manufacturing, and recycling, the research aims to guide manufacturing firms in designing circular supply chains to foster a regenerative approach to sustainability.

RAJESH MATAI

Priyabrata Chowdhury

Kwok Hung Lau

Every year, 1.38 million cases of breast cancer are diagnosed in India. Of these, 0.45 million people succumb to the disease, giving a mortality rate of about 33%. This means about 1 in 3 die due to breast cancer in India which is an unacceptably high number. Breast Cancer is also the most common cancer in the United Arab Emirates (UAE), with a majority of cases characteristically occurring in women younger than 50 years. Further, Breast Cancer is the most commonly diagnosed cancer for females in Australia. It is estimated there will be around 20,500 breast cancer cases diagnosed in females in 2023. This is around 28% of the estimated cancers diagnosed in females. Breast Cancer is normally diagnosed using physical examination followed by mammogram, Ultrasound and MRI Imaging. While Mammogram involves radiation and MRI is not generally favored by the patients, Ultrasound is simple, elegant and causes no discomfort to the patients. In this work, teams from Australia, UAE and India will work on applying Deep Learning techniques to Ultrasound Images to detect the presence and spread of tumors that characterize the breast cancer. Where available, Mammograms and MRI images will also be used to support the inferences drawn. While a majority of work reported in this domain focused on popular Convolution Neural Networks, literature is scant when it comes to applying Vision Transformers (VTs). In this work, we will focus on applying Vision Transformers for breast tumor detection. As is well known, VTs are quickly becoming the de-facto architecture for Computer Vision but very little is understood about how they work and what they learn. Further, while existing studies visually analyze the mechanisms of CNNs, the same is not widely reported for the VTs. In this work, the team will focus on both understanding and visualizing the functioning of VTs as applied to breast tumor detection. It will work closely with a Breast Cancer Specialist Doctor based in Muscat, Oman whose experience will be built into the VT models as a prior knowledge during training which might help in its early detection.

M B Srinivas, Professor

Shaun Cloherty

SWARNALATHA RAJAGURU

Dr Priya Rani

This study will investigate the potential of AI-based methods to predict disease-associated markers from high-dimensional genomics data, focusing on SARS-CoV-2 infection severity as a prime example. RNA-Seq gene expression datasets from public repositories like the Gene Expression Omnibus (GEO) and ArrayExpress. The proposed dataset encompasses human studies on PBMC response to SARS-CoV-2 infection, ranging from healthy individuals to those with mild, moderate, and severe COVID-19 presentations based on well-defined clinical parameters. The datasets contain the expression data of around 20000 variables (genes) from across 2000 individuals. Genome-level datasets for omics analysis result in training data sequences and structures suitable for machine learning and deep learning. Emerging AI paradigms like Generative AI, Explainable AI, Hybrid AI, and Responsible AI will be investigated in this research. Explorations into the systems' theoretic dependence between randomization in feature perturbations and generalizability in blackbox optimizations of the deep neural network architectures lead to new theories for allied machine learning. Proper quantification of the hypothesis set in deep learning leads to various functional problems, oracular problems, sampling tasks, and optimization problems. Learning theories based on information theory, optimization theory, and game theory for data fusion will be investigated. This project aims to develop scalable, low-cost, sustainable, secure, and replicable technology by the development of low-cost Internet-of-Things-based continuous health monitoring, real-time analytics and alerts for preventive and predictive care with advanced AI systems. From the AI deployment side, the goal is oriented towards data repositories, feature engineering, data science microservices, etc. to express the application scenario, dataset, model, etc.

Du Yong Kim

Dr. Jabez Christopher

Aim: To create a VR based digital twin of Robots that can be used for various industrial applications. The localization of autonomous robots has been an active research area since the advent of Industry 4.0. Several applications in the industry include warehouse management, advanced manufacturing and elderly care. Localization in indoor environments becomes challenging, especially in the absence of the Global Navigation Satellite System and obstacles. The existing systems rely on various low-cost, miniaturized sensors like IMU, camera, LiDAR and UWB devices to perform precise indoor localization. Recent works have focused on using machine learning approaches for sensor fusion; improvements are still needed in terms of data quality, overfitting or underfitting, scalability and reliability. In this proposal, we propose to develop approaches for intelligent scene understanding using computer vision and perform multi-modal sensor data fusion using deep learning approaches, such as transformers, particle-based, and conventional methods. The focus of the work will be two folds: real-time operation and robustness for industry applications. We also propose to explore the application of inexpensive LiDAR line scanners for obstacle avoidance. The system will be tested in indoor environments like the construction industry or shopping malls, and experimental validation will be performed using mobile robots and mobile manipulators. The project will contribute to advancing scientific knowledge in sensor fusion and autonomous robot navigation, in addition to creating a prototype for deployment in the industry. Virtual reality and Digital twins will be used for simulation and for human-machine collaboration.

Dr.V.Kalaichelvi, Professor

Dr Ehsan Asadi

Prof.R. Karthikeyan

Dr Debaditya Acharya

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PhD Program in Finance

2023-24 curriculum outline.

The MIT Sloan Finance Group offers a doctoral program specialization in Finance for students interested in research careers in academic finance. The requirements of the program may be loosely divided into five categories: coursework, the Finance Seminar, the general examination, the research paper, and the dissertation. Attendance at the weekly Finance Seminar is mandatory in the second year and beyond and is encouraged in the first year.  During the first two years, students are engaged primarily in coursework, taking both required and elective courses in preparation for their general examination at the end of the second year.  Students are required to complete a research paper by the end of their fifth semester, present it in front of the faculty committee and receive a passing grade.  After that, students are required to find a formal thesis advisor and form a thesis committee by the end of their eighth semester. The Thesis Committee should consist of at least one tenured faculty from the MIT Sloan Finance Group.

Required Courses

The following set of required courses is designed to furnish each student with a sound and well-rounded understanding of the theoretical and empirical foundations of finance, as well as the tools necessary to make original contributions in each of these areas. Finance PhD courses (15.470, 15.471, 15.472, 15.473, 15.474) in which the student does not receive a grade of B or higher must be retaken.

First Year - Summer

Math Camp begins on the second Monday in August. 

First Year - Fall Semester

14.121/14.122 Micro Theory I/II

14.451/14.452 Macro Theory I/II ( strongly recommended)

14.380/14.381 — Statistics/Applied Econometrics

15.470 — Asset Pricing

First Year - Spring Semester

14.123/14.124 Micro Theory III/IV

14.453/14.454 Macro Theory III/IV (strongly recommended)

14.382 – Econometrics

15.471 – Corporate Finance

Second Year - Fall Semester

15.472 — Advanced Asset Pricing

  14.384 — Time-Series Analysis or  14.385 — Nonlinear Econometric Analysis  (Enrolled students receive a one-semester waiver from attending the Finance Seminar due to a scheduling conflict)

15.475 — Current Research in Financial Economics

Second Year - Spring Semester

15.473 — Advanced Corporate Finance

 15.474 — Current Topics in Finance (strongly encouraged to take multiple times)

15.475 — Current Research in Financial Economics

Recommended Elective Courses

Beyond these required courses, students are expected to enroll in elective courses determined by their primary area of interest. There are two informal “tracks” in Financial Economics: Corporate Finance and Asset Pricing. Recommended electives are designed to deepen the student's grasp of material that will be central to the writing of his/her dissertation. Students also have the opportunity to take courses at Harvard University. There is no formal requirement to select one track or another, and students are free to take any of the electives.

phd finance rmit

  • Study with us
  • About the Academy
  • How to apply

BITS-RMIT PhD Program

Transform your future with a transnational joint PhD from two leading universities – start your research at BITS, then undertak e up to one year of your candidature in a scholarship-funded position at RMIT in Melbourne, Australia.  

The BITS-RMIT PhD Program is a unique transnational program that allows you to obtain a joint PhD from two leading universities BITS (Birla Institute of Technology and Science) and RMIT (Royal Melbourne Institute of Technology).

This PhD program is designed specifically for Indian students.

As part of this program, students will receive a generous scholarship with nominal tuition fees from BITS, plus a full RMIT tuition fee scholarship, and stipend for the duration of your time in Melbourne (up to one year) and return flights to Melbourne.

You will have the opportunity to develop your research skills, network with renowned academics, access cutting edge facilities and gain hands-on experience conducting original research across:

  • Engineering
  • Computer Science and IT
  • Mathematics
  • Humanities and Social Sciences

What makes the BITS-RMIT PhD Program unique?

A joint phd from two leading universities.

Acquire an internationally recognised qualification from an Indian Institute of Eminence University and a top Australian university

Generous scholarships

Receive a full RMIT tuition fee scholarship for the duration of your enrolment and a generous scholarship with nominal tuition fees from BITS (see costs , fees and scholarships below)

Experience two global universities

Benefit from the combined expertise of two leading universities , be jointly supervised by faculty from BITS and RMIT and access world-class research facilities in both India and Melbourne

Explore Australia

Travel to Australia for up to one year of your candidature and be supported by an Australian stipend for the duration of your time in Melbourne (see costs, fees and scholarships)

Minimum qualification requirements

Ensure you meet the requirements specified below before applying. Applications that do not provide evidence of meeting the minimum requirements will not progress further.

  • Master’s degree (MTech/ME/MPharm/MBA/MPhil, or equivalent with aggregate percentage of 65% or equivalent)*
  • GATE Score OR a high score in UGC-NET, CSIR, ICAR, ICMR, DST-INSPIRE**

* Where degree certificate or final year transcripts are not yet available, applicants may upload the previous semester / year transcripts

**Candidates without a valid GATE/ UGC-NET, CSIR, ICAR, ICMR, DST-INSPIRE score can be considered if they have undertaken GATE in the last five years AND/OR have a minimum of two years professional work experience, AND if they meet all other eligibility requirements. Where applicants wish to use the option of providing 2 years professional work experience as evidence – please include evidence within your uploaded documents

Applications open now for the July 2024 intake .

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Is the GMAT required for a master’s in finance? 

Pooja Madhav

The GMAT, or the Graduate Management Admission Test, is a computer-based assessment that cumulatively tests four core skills across four separate sections: verbal, mathematical, integrated reasoning and analytics skills. Through these sections, individuals test their ability to analyze and synthesize data, reason quantitatively and draw inferences. Upon taking this assessment, their scores are sent to their chosen schools.

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Today, the GMAT is one of the most popular pre-admission tests taken globally, with over 108,851 exams written by prospective business school students in 2023, according to the Graduate Management Admissions Council (GMAC). These figures create the impression that every aspiring student must take the exam to get into their top graduate program. However, is this universally accurate?

John Gibson, an associate director of admissions at Purdue’s Daniels School of Business, draws on his 20-year tenure in higher education to emphasize that successful finance master's program applications need a variety of components to be considered holistic.

Prospective students might see their application as just numbers in a binder. However, Gibson explains that non-numeric factors matter too. Letters of recommendation, work experience, personal statements and statements of purpose speak strongly to an applicant's identity and character, making a strong impression.

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Our team thoughtfully weighs and reviews these components, and we strive to have a balance between quantitative and qualitative measures to create a diverse and well-rounded cohort,” clarifies Gibson.

According to GMAC, in the past years, business master’s programs have been more likely to face declines in applications than growth, though more than half of Master of Finance programs experienced application growth in 2023 . This is the second year in which Master of Finance applications increased after the post-pandemic slump affecting many programs in 2021. In addition, Master of Accounting programs were more likely to report growth than decline in 2023.

At the Daniels School of Business, prospective students are required to submit a minimum GMAT score of 500 or higher or an equivalent GRE score, but scores of 600 or more are best. This score helps determine the capabilities of applicants and allows the score to also fill in gaps within their application that may be lacking in other components.

“For our MSF program, we accept both the GMAT and the GRE, both in-home and test center editions, but we use the score as a piece of the holistic overview of the applicant,” says Gibson.

gmat-img2.webp

“The average class GMAT score over the past five years has been 630 while the average GRE is 320-322. We typically like to have a total score of 600-650 on the GMAT and 312-318 on the GRE. However, being in at least the 60% percentile on the quantitative part on either test is something to strive for,” reports GMAC.

But it’s not just about this score. The fate of their application also depends on the recommendations, resumes and work experience that they bring to the table, among other non-numerical factors.

Applicants are diverse, with various backgrounds and levels of expertise. The Daniels School recognizes this diversity, and as a result, provides added flexibility in the admissions process by allowing applicants to waive the submission of their scores.

Applicants can qualify for waivers in multiple ways, such as having extensive relevant professional experiences or holding advanced degrees and professional certifications like the CFA. These demonstrate their ability to succeed in the graduate program. The waiver may be available to domestic applicants or U.S. military personnel with a 3.5 GPA from a U.S.-accredited institution or equivalent degrees.

From GMAC: Holding certifications such as CFA Level II, CPA or equivalent, strong grades in quantitative coursework, STEM major and background from a known institution, and demonstrated professional experience are all things the committee will want to see for a waiver.

Upon qualifying for the waiver and submitting an application to the master's office at [email protected] , applicants can access the waiver form and proceed to the next steps. It is critical to keep in mind that only on rare, case-by-case occasions have candidates received a waiver and that all waiver requests are granted at the discretion of the admissions committee.

To learn more about the MSF application requirements visit this checklist .

Remember, your application is more than just numbers — it’s a reflection of your holistic self. Your GMAT and/or GRE score will remain a recommended part of your application, but there will be more components that will weigh in on the final verdict.

gmat-img3.webp

At the Daniels School of Business, learning is comprehensive, and prospective MS Finance students take their next leap confidently as they explore various careers in corporate finance, fintech, financial analysis, investment management and more. Within this program, ranked #5 by Eduniversal, students engage in global, team-based environments that strengthen their critical thinking skills.

This 10-month, 36-credit hour residential program also provides students the ability to access and manage the Student Managed Venture Fund (SMVF). Contributing to this one-of-a-kind fund creates avenues for students to collaborate with early-stage investors, interact with firms and co-invest with partners.

Learn more about getting involved with the SMVF.

Explore the MS Finance program.

If you would like to receive more information about pursuing a business master’s at the Mitchell E. Daniels, Jr. School of Business, please fill out the form and a program specialist will be in touch!

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Gazprom’s Declining Fortunes Spell Trouble for Moscow

The gas giant’s record loss should worry the kremlin on several fronts..

  • Agathe Demarais

At the end of 2022, Dmitry Medvedev—Russia’s former prime minister and the current deputy chairman of its Security Council—offered his predictions for the coming year. He warned that Europeans would suffer badly from Russia’s decision to curb natural gas exports to the European Union, suggesting that gas prices would jump to $5,000 per thousand cubic meters in 2023—around 50 times their prewar average. He probably assumed that that sky-high prices would translate into a windfall for Russian state-owned energy company Gazprom, which was still supplying several European countries via pipeline, ramping up exports of liquefied natural gas, and eyeing new deals with China. Perhaps Medvedev also hoped that Europeans would beg the Kremlin to send the gas flowing again.

It turns out that Medvedev might want to polish his crystal ball: Last year, European gas prices averaged a mere one-tenth of his number. And just this month, Gazprom posted a massive $6.8 billion loss for 2023, the first since 1999.

Gazprom’s losses demonstrate the extent to which the Kremlin’s decision to turn off the gas tap to Europe in 2022 has backfired. In 2023, European Union imports of Russian gas were at their lowest level since the early 1970s, with Russian supplies making up only 8 percent of EU gas imports, down from 40 percent in 2021. This has translated into vertiginous losses for Gazprom, with the firm’s revenues from foreign sales plunging by two-thirds in 2023.

Gazprom’s woes are very likely setting off alarm bells in Moscow: With no good options for the company to revive flagging gas sales, its losses could weigh on Russia’s ability to finance the war in Ukraine. This is especially ironic given the fact that EU sanctions do not target Russian gas exports; the damage to the Kremlin and its war effort is entirely self-inflicted.

The most immediate impact of Gazprom’s losses will be on Russian government revenues, a crucial metric to gauge Moscow’s ability to sustain its war against Ukraine. Poring over Gazprom’s latest financials paints a striking picture. Excluding dividends, Gazprom transferred at least $40 billion into Russian state coffers in 2022, either to the general government budget or the National Welfare Fund (NWF), Moscow’s sovereign wealth fund.

This is no small feat. Until last year, Gazprom alone provided about 10 percent of Russian federal budget revenues through customs and excise duties as well as profit taxes. (Oil receipts usually account for an additional 30 percent of budget revenues.) This flood of money now looks like distant history. In 2023, the company’s contribution to state coffers through customs and excise duties was slashed by four-fifths, and like many money-losing firms, it is due a tax refund from the Russian treasury.

For Moscow, this is bad news on several fronts. Because of rising military expenses, the country’s fiscal balance swung into deficit when Moscow invaded Ukraine. To help plug the gap, the Kremlin ordered Gazprom to pay a $500 million monthly levy to the state until 2025. Now that the company is posting losses, it is unclear how it will be able to afford this transfer. In addition, Gazprom’s contribution to the NWF will probably have to shrink. For the Kremlin, this could not come at a worst time: The NWF’s liquid holdings have already dropped by nearly $60 billion , around half of its prewar total, as Moscow drains its rainy-day fund to finance the war. Finally, Gazprom’s woes could prompt the firm to shrink its planned investments in gas fields and pipelines—a decision that would, in turn, hit Russian GDP growth.

As if this was not enough, a closer look at Gazprom’s newly released financials suggests that the worst may be yet to come, with three telltale signs that 2024 could be even more difficult than 2023.

First, Gazprom’s accounts receivable—a measure of money due to be paid by customers—are in free fall, suggesting that the firm’s revenue inflow is drying up. Second, accounts payable shot up by around 50 percent in 2023, hinting that Gazprom is struggling to pay its own bills to various suppliers. Finally, short-term borrowing nearly doubled last year as Russian state-owned banks were enlisted to support the former gas giant.

Whereas these figures come from Gazprom’s English-language financials, the company’s latest Russian-language update yields two additional surprises—both of which show that the firm’s situation has worsened even further since the beginning of the year.

First, short-term borrowing during the first three months of 2024 roughly doubled compared to the previous quarter. If Russian state-owned banks continue to cover Gazprom’s losses, the Russian financial sector could soon find itself in trouble. This begs a tricky question: With the NWF’s reserves dwindling and Moscow’s access to international capital markets shut down, who would pay a bailout bill? Second, Gazprom’s losses were almost five times greater in the first quarter of 2024 than in the same period of 2023, hinting that the firm may post an even bigger loss this year than it did in 2023.

Looking ahead, 2025 will be an especially tough year for Gazprom. The transit deal for gas shipments through Ukraine via pipeline to Austria, Hungary, and Slovakia will probably expire at the end of this year, further curbing what’s left of Gazprom’s exports to Europe. A quick glance at a map makes it clear that China is now the only remaining option for Russian pipeline gas.

Yet Beijing is not that interested: Last year, it bought just 23 billion cubic meters of Russian gas, a mere fraction of the 180 billion cubic meters that Moscow used to ship to Europe. Negotiations to build the Power of Siberia 2 pipeline , which would boost gas shipments to China, have stalled. And in truth, China is not a like-for-like replacement for Gazprom’s lost European consumers. Beijing pays 20 percent less for Russian gas than the remaining EU customers, and the gap is predicted to widen to 28 percent through 2027.

Without pipelines, raising exports of liquefied natural gas (LNG) is the only remaining option for Moscow. However, Western policies make this easier said than done. Western export controls curb Russia’s access to the complex machinery needed to develop LNG terminals, such as equipment to chill the gas to negative160 degrees Celsius so that it can be shipped on specialized vessels. And Washington has recently imposed sanctions on a Singapore-based firm and two ships working on a Russian LNG project, signaling that it will similarly designate any entity willing to work in the sector. Finally, U.S. sanctions make it much harder for Russian firms to finance the development of new liquefaction facilities and the gas field designed to supply them. In December, Japanese firm Mitsui announced that it was pulling staff and reviewing options for its participation to Russia’s flagship Arctic LNG 2 project. As a result, the Russian operator announced last month that it was suspending operations of the project, which was originally slated to launch LNG shipments early this year.

Gazprom’s cheesy corporate slogan—“Dreams come true!”—does not ring so true anymore as Moscow’s former cash cow becomes a loss-making drain. Data from the International Energy Agency confirms the extent of the Kremlin’s miscalculation when it turned off the gas tap to Europe: The agency predicts that Russia’s share of global gas exports will fall to 15 percent by 2030—down from 30 percent before Moscow’s full-blown invasion of Ukraine.

This was probably predictable. It is hard to imagine how a gas exporter configured to serve European customers and reliant on Western technology could thrive after refusing to serve its main client—signaling to every other potential customer, including China, that it is an unreliable supplier. Corporate empires tend to rise and fall, and it looks like Gazprom will be no exception to the rule.

Agathe Demarais is a columnist at Foreign Policy , a senior policy fellow on geoeconomics at the European Council on Foreign Relations, and the author of Backfire: How Sanctions Reshape the World Against U.S. Interests. Twitter:  @AgatheDemarais

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Synthesising novel phases of carbon by shear-induced phase transformations

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The PhD candidate will conduct research into developing new carbon materials for industrial and medical applications as part of a new project funded under the Australian Research Council (ARC).

The record hardness and high refractive index of diamond-like carbons make them critical in a diverse range of applications from automated machining to quantum optoelectronics. 

This project seeks to develop new super-hard and tough carbon materials leading to more efficient cutting tools for industry and for the extraction and processing of minerals. The new diamond-like carbon materials are expected to have excellent barrier properties that could benefit the Australian medical device industry by extending the service life of implants, leading to better quality of life for Australians.

The results of our research into phase changes in carbon is also likely to be of interest in extra-terrestrial studies. By exploring carbon solids under the extreme conditions found elsewhere in our solar system, including on the gas giants Jupiter and Saturn and their moons, we aim to promote Australia’s culture as a scientific nation and help prepare humanity for future space exploration.

Value and duration

  • 2 years (PhD 3.5 yrs)

Number of scholarships available

Eligibility.

Honours degree in Physics or Materials Science.

How to apply

Before applying for the Scholarship, contact Professor Dougal McCulloch by email [email protected] with a copy of your CV to establish if your research interest and prior experience are aligned with this project.

Applications are open now.

31 December 2024.

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For more information on this project area - please refer to some of our recent publications .

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    Philosophiae Doctor is the third level of higher education in Russia and the first stage on the path to an academic career of a scientist. In Russia, PhD studies conducted not only in universities but also in various specialized scientific organizations and research centres. Upon completion of the PhD programme and the candidate's dissertation ...

  17. Is the GMAT required for a master's in finance?

    The GMAT, or the Graduate Management Admission Test, is a computer-based assessment that cumulatively tests four core skills across four separate sections: verbal, mathematical, integrated reasoning and analytics skills. ... This is the second year in which Master of Finance applications increased after the post-pandemic slump affecting many ...

  18. To Run the World

    Sergey Radchenko's cold war history links Putin to Kremlin predecessors leading a Russia driven by empire, not ideology

  19. Georgia's puppet master turns towards Moscow

    The Georgian government's rapprochement with Moscow has been under way for three years, despite Russia's war against Ukraine. But analysts and government critics say that the foreign agents ...

  20. PhD Scholarship in Digital Finance and Financial ...

    RMIT University respectfully acknowledges their Ancestors and Elders, past and present. RMIT also acknowledges the Traditional Custodians and their Ancestors of the lands and waters across Australia where we conduct our business - Artwork 'Luwaytini' by Mark Cleaver, Palawa. New Research Projects with Scholarships (Domestic Students)

  21. Gazprom's Record Loss Spells Trouble for Moscow

    People mill about under the Gazprom logo at the the International Gas Forum in Saint Petersburg, Russia, on Oct. 7, 2021. Olga Maltseva/AFP via Getty Images. May 15, 2024, 5:24 AM. At the end of ...

  22. Synthesising novel phases of carbon by shear-induced phase

    Synthesising novel phases of carbon by shear-induced phase transformations. The PhD candidate will conduct research into developing new carbon materials for industrial and medical applications as part of a new project funded under the Australian Research Council (ARC). The record hardness and high refractive index of diamond-like carbons make ...