finance phd australia

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Finance PhD

The Finance PhD focuses on research topics in the broad areas of Financial Market Modelling, Market Microstructure, Energy Finance, Sustainable Finance, Quantitative Finance, Corporate Finance and Banking.

Program outline

The program usually requires three to four years to complete. 

Typically the first year is spent on coursework determined in conjunction with their supervisor, following which PhD students undertake original research resulting in a thesis incorporating three publishable research papers. 

Depending on their specialisation, Finance Department PhD students can take courses in the areas of Empirical Finance, Finance Theory, Market Microstructure, Behavioural Finance, Numerical and Computational Methods in Finance, Probability Theory and Stochastic Analysis, Derivatives Pricing, Financial Econometrics, Financial Risk Management and Corporate Finance. 

Several courses are offered by the  Financial Research Network (FIRN) .

During their candidature Finance PhD students are offered opportunities to interact and collaborate with experienced finance researchers and research supervisors , other Departments within UTS Business School as well as experts from other institutions. Students also have opportunities to interact with distinguished visiting academics and are exposed to cutting-edge research by global finance scholars through the Finance Seminar Series and participation in faculty-led pre-seminar workshops. Twice a year, the Finance Department holds a one-day event, open to all faculty members, in which PhD students have their doctoral assessment presentations and receive feedback by senior faculty members, experienced researchers and their peers.    Finance Department PhD students have access to leading research databases and can receive financial support to present at national and international conferences. Students are encouraged to undertake teaching and research assistant positions. A range of scholarships are available on a highly competitive basis, including the Capital Markets Cooperative Research Centre ( CMCRC ) for industry-based research projects.

You may also want to look at some thesis topics of our current  and past research degree students.

Research relevance and impact

The Finance Department emphasises practical relevance and impact of finance research and provides PhD students with opportunities to engage with academically trained financial professionals on an ongoing basis.  As such, students are invited to attend events hosted by the Finance Department to discuss their research and general research trends in the financial services industry. Past PhD discussion guests include:

• 10 May 2019:   Dr Michael Newman , Founder, Quantitative Asset Management (previously Senior Managing Director at Macquarie Bank)
• 12 April 2019:   Dr Martin Emery , Quantitative strategist at GMO and Adjunct Professor at City University Hong Kong
• 8 November 2018 : Dr David Allen , Head of Long/Short Strategies at Plato Investment Management
• 13 September 2018 : Dr Tommy Mermelshtayn , Chief Strategist at ZipCo.
• 10 May 2018 : Dr Joanna Nash , Portfolio Manager at Acadian Asset Management 
• 23 March 2018: Dr Alan Brace ,  Senior Quantitative Analyst in Market Risk at National Australia Bank

This emphasis on research with practical relevance and impact has led to our PhD students research being published in leading academic journals. See some of the recent publications by our PhD students .

Expression of interest (EOI)

Learn about how to complete your EOI, including important dates, deadlines and other requested supporting documents.

Expression of interest

• Completing an EOI and providing us with this information before you formally apply to enrol for a Research degree saves significant time where a formal application is deemed unlikely to be successful.
• Submitting and EOI also speeds up the process of application where feedback from the relevant Department indicates that an application would likely be supported.

UTS acknowledges the Gadigal people of the Eora Nation, the Boorooberongal people of the Dharug Nation, the Bidiagal people and the Gamaygal people, upon whose ancestral lands our university stands. We would also like to pay respect to the Elders both past and present, acknowledging them as the traditional custodians of knowledge for these lands.

PhD in Finance

The PhD program in Finance at the Research School of Finance, Actuarial Studies and Statistics (RSFAS) equips graduates with the necessary skills to conduct research in the field of finance. The program will challenge PhD candidates to identify and solve important questions in the finance world, and will help them to develop a keen analytical mind essential for navigating the fast-changing financial marketplace and corporate sector.

While the program is focused on developing candidates for an academic career, many of the skills it provides are readily transferable to various positions in government and industry. Some examples are researchers or associates within the banking and financial sector, including investment banking, in roles such as investment or quantitative analysis, mergers and acquisitions analysis and business analysis; and researchers and policy advisers at institutions including central banks, bank regulators, international organisations such as the World Bank, IMF, OECD and ADB, and government departments such as Treasury and Finance.

CRICOS #: 048345A

Duration: 2 to 4 years full time (4 to 8 years part time)

Before you submit an application for entry to the program, you should:

• ensure you meet the admission requirements outlined below
• identify potential supervisors – that is, one or two finance academics at ANU who conduct research in your area of interest.

You can find information on researchers and their research areas in the  ANU researchers database  and on the  RSFAS Finance faculty  page.

While other ANU schools may recommend contacting potential supervisors before submitting an application,  this is not required  for entry into RSFAS’s PhD programs. Instead, you only need to list the name(s) of potential supervisors in your online application form.

Potential supervisors cannot guarantee entry into the PhD program. Admission will depend on the strength of your application relative to others in the pool.

After you’ve completed the steps above, you can proceed with an  online application .

Application deadlines

The first semester of the ANU academic year starts in February, and the second semester starts in July. While all applications for first semester entry must be submitted  before 31 October,  international applicants wishing to be considered for an  ANU scholarship  should submit their applications  before   31 August .

To be considered for a scholarship, your application must be accompanied by all the supporting documents listed below, including the referee reports. Request for referee reports are triggered and sent to your nominated referees at the time of submission of program application. It is thus important that you submit your application in advance (2-3 weeks) to allow time for your referees to provide their reports prior to the scholarship deadline.

If you’re currently completing an academic degree and haven’t yet received your final results and transcript, you should still submit all available documents before the deadline, and forward remaining results once you receive them. We won’t make a final decision on your application until we’ve received all the required documents.

The admission requirements for the PhD program in Finance reflect the advanced knowledge that candidates will need to undertake the coursework component of the degree, and the research experience and skills needed to successfully undertake and complete the research thesis.

The minimum qualification requirement for admission to the PhD program in Finance is:

• an Australian Bachelor degree (or equivalent) with First Class Honours or Second Class Honours Division A in finance, actuarial studies, economics, business, commerce, or a subject area with a substantial quantitative content, or
• another qualification (e.g. a Master degree) with a substantial research thesis component that the RSFAS HDR (higher degree by research) committee is satisfied is equivalent or superior to a degree mentioned in (a), or
• a combination of qualifications and professional experience that the RSFAS HDR committee is satisfied is equivalent or superior to a degree mentioned in (a).

Admission to the PhD program in Finance is competitive and we can only admit a limited number of applicants each year. Meeting the minimum entry requirements does not guarantee you a place in the program.

If you don’t have sufficient research experience for entry into the PhD program, you might consider applying to the MPhil program . If you’d like to consider this pathway, contact the RSFAS HDR convenor for more information.

English language requirements

All applicants must satisfy the University’s  English language admission requirements . An international applicant who is not a native English speaker may satisfy these requirements by submitting evidence of an  IELTS  overall score of at least 6.5, and with no component less than 6.0, or a paper-based  TOEFL  score of at least 570, with at least 4.5 in the essay component.

Application and supporting documentation

You must submit your application online via the  ANU Application Manager .

In addition to the standard information required in the online application, you must submit the following supporting documents as part of your application:

• a one-page statement of purpose outlining your motivation to undertake a PhD in Finance at ANU
• a research proposal – see details below, as well as these guidelines on how to  prepare a persuasive research proposal
• copies of written research work, e.g. honours or Master thesis, research project, or published works
• either  GRE General Test  or  GMAT  results completed within the last five years – some applicants are exempted from this requirement (see below for further information)
• official  TOEFL  or  IELTS  results (where applicable) to demonstrate that you satisfy the University’s  English language requirements .

Research proposal

The online application requires you to submit a research proposal. The proposal should set out an original research idea, provide an introduction or background to your research idea, clearly set out the research objectives, and explain why the research is important and the contribution it will make to the finance discipline. Among other things, you will need to demonstrate an understanding of the key literature in your chosen topic area. As a guide, you should aim for between 1,500 and 2,000 words, including a list of key references.

If you don’t have a prior degree in finance, your research proposal should present a puzzling and interesting real-world phenomenon in finance that could lead to an important research topic. You should aim to convince the RSFAS HDR committee that your proposal is relevant and interesting.

The RSFAS HDR committee uses the research proposal as an indicator to assess the quality and originality of your ideas and your skills in critical thinking. Note that the research proposal does not restrict you to this field of study should you be admitted to the PhD program.

GRE or GMAT requirement

You must submit either your  GRE General Test  or  GMAT  results as part of your application. You’re exempt from this requirement if you’ve already completed an ANU Master of Finance or ANU degree with honours in Finance. You’re also exempt if you’ve completed a Finance degree with honours from another Australian university, but we encourage you to provide GRE or GMAT results to improve your chances of admission and scholarship support.

Offers of admission

The RSFAS HDR committee will review all complete applications submitted by the relevant deadline.

If your application is short-listed, you may be required to attend an interview (face to face or online).

We may send you an offer of admission if you satisfy the eligibility criteria and your area of interest matches those of RSFAS academics with supervisory capacity. However, since admission is competitive and supervisory capacity is limited, we won’t send any offers of admission until  after the relevant application deadline , irrespective of the date when you submit your application.

The PhD in program in Finance consists of two components –  coursework  and  research .

Candidates undertake the research component after successfully completing the required coursework.

Assumed knowledge and pre-PhD preparation

While not a formal requirement for entry, you should be aware that the PhD coursework requirements outlined below assume knowledge equivalent to later-year undergraduate and graduate diploma–level studies in economics, finance and quantitative methods. The following is an indicative list of ANU subjects that make up the basic assumed knowledge:

• ECON8025  Advanced Microeconomic Analysis
• ECON8026  Advanced Macroeconomic Analysis
• EMET8005  Economic Models and Introductory Econometrics
• FINM8006  Advanced Investments
• FINM8004  Advanced Corporate Finance

PhD coursework component

In the coursework component, PhD candidates undertake a comprehensive set of courses designed to provide training in the theory and methods necessary to conduct high-quality finance research. These courses are academically rigorous and will be examined. Candidates take up to 18 months to complete the coursework (10 subjects plus a pre-PhD mathematics refresher course, if required). Upon successful completion of the coursework, PhD candidates will progress to the research component. The standard coursework structure for the PhD is as follows:

Pre-PhD summer course (if required):

• ECON8007 Mathematical Techniques for Advanced Economic Analysis

Year 1, Semester 1:

• ECON8011  Microeconomic Theory
• ECON8022  Macroeconomic Theory
• EMET8014  Advanced Econometrics I

Year 1, Semester 2:

• FINM8018  Doctoral Studies in Asset Pricing
• FINM8019  Doctoral Studies in Corporate Finance – Theory

Year 2, Semester 1:

• FINM8020  Doctoral Studies in Asset Pricing 2
• FINM8021  Doctoral Studies in Corporate Finance – Empirical

Three electives taken in the first year, consisting of:

• EMET8008  Advanced Econometrics II
• EMET8001  Applied Micro-Econometrics
• STAT8002  Applied Time Series Analysis or  EMET8010  Applied Macro and Financial Econometrics
• ECON8021  Topics in Microeconomic Theory
• ECON8001  Topics in Macroeconomics
• FINM7003  Continuous Time Finance
• ECON8013  Optimisation for Economics and Financial Economics
• ECON8014  Computational Methods in Economics
• ECON8038  Industrial Organisation
• ECON8053  Game Theory
• ECON8076  Topics in Game Theory
• ECON8080  Advanced Behavioral Economics

Other electives may be possible beyond those listed above. Note that not all courses are offered in all years.

In Semester 1 of the second year, PhD candidates are also required to attend Special Topics in Finance seminars. This is an advanced reading seminar series led by faculty and senior PhD candidates aimed at providing candidates with exposure to up-to-date research. This seminar series culminates in a draft proposal that will form the basis of the candidate’s thesis proposal review (see below).

PhD research component

Following the successful completion of coursework, PhD candidates undertake specialised research training and independent research. Research training begins in the second year with advanced-level seminars, where participants delve deeply into key current research papers. At the same time, PhD candidates will commence research in their chosen topic. The year culminates with the defence of the first research proposal or paper, known as the thesis proposal review (see below).

Research supervisory panel

When a PhD candidate is admitted to the program, a provisional supervisor is appointed. The provisional supervisor has the responsibility of overseeing the candidate’s progress until a supervisory panel is chosen.

The Special Topics in Finance seminar series held during Semester 1 of the second year of candidature will help facilitate the finalisation of PhD supervisory panels. The role of the supervisory panel is to assist, advise, and provide support and encouragement to the candidate for a timely and successful completion of the research thesis.

RSFAS finance seminar program

The RSFAS finance seminar program consists of regular seminars presented by national and international researchers. PhD candidates are expected to attend and actively participate in the seminars throughout their candidature.

Research integrity training

Within three to six months of enrolment, all PhD candidates must complete the  Research Integrity Training  and pass the exam. Completion of this course and exam is a compulsory milestone for all PhD candidates.

Thesis proposal review

The thesis proposal review is a major milestone towards the end of the second year. The purpose of the review is to assess the originality, significance, adequacy and achievability of the candidate’s thesis plan.

PhD candidates are required to submit a draft thesis proposal following completion of the Special Topics in Finance seminar series towards the end of Semester 1 in the second year of their candidature. The proposal includes a description of the research to be undertaken in the thesis, and a summary of the thesis structure and time plan. Candidates are required to give a presentation to the RSFAS faculty and submit a paper to their supervisory panel.

Successful completion of the thesis proposal review (as determined by the Delegated Authority following consultation with the HDR convenor and supervisory panel) is required to continue in the PhD program.

Annual progress reviews

It is University policy that each candidate’s progress be reviewed periodically. In each year of their program, PhD candidates are required to submit an  annual plan and report  as a basis for periodic progress review. This document provides details on work completed by the candidate since the previous review, current progress, and any problems that may impact their research. It also outlines the coursework and research the candidate intends to undertake in the following 12 months.

Oral presentation

In their final year, candidates are required to give a final  oral presentation  on their research, usually three months before submitting their thesis.

Read more about  research candidate milestones .

Thesis submission and examination

The culmination of the PhD in Finance is a written thesis which, upon completion, is submitted for examination. The thesis is assessed by examiners who are experts in the relevant field.

For more information on the process, visit our page on  submitting a thesis .

For information about scholarships available to HDR candidates, visit our page on  scholarships and fees .

Read details of some of our alumni’s recent  job placements .

See our list of current  Finance PhD students .

Graduate Research

Doctoral Program in Finance

• Arrow-right #1 Business and Economics in Australia
• Arrow-right #8 Globally for graduate employability

Entry requirements

Entry requirements for the doctoral program in finance, english language criteria.

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 (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.

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Faculty of Business and Economics

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Banking and finance PhD program - 2019

Postgraduate research area

Commencement year

Unit codes that are not linked to their entry in the Handbook are not available for study in the current year.

Managing faculty

Coordinator(s)

Dr Hue Hwa Au Yong

Caulfield Clayton

This program provides doctoral (PhD) students with the opportunity to focus on developing knowledge and expertise in their chosen discipline, as well as developing professional skills that will support their career ambitions.

Each student's research will be supported by the development of a range of skills that will help them to become more efficient researchers, ultimately improving the quality of the research and developing generic/transferable skills of value to prospective employers.

This program is offered by the Department of Banking and Finance.

Program requirements

All PhD students will be required to undertake compulsory training in the following areas:

• Monash Graduate Research Induction (online)
• Research Integrity (online)
• faculty induction, including occupational health and safety (where required).

Coursework component

All PhD students must complete the following coursework unit/s, normally prior to confirmation of their enrolment:

• BEX6011 Empirical asset pricing
• BEX6012 Corporate financial management
• BEX6013 Issues in financial institutions
• BEX6014 Contemporary issues in finance

Students may be required to undertake up to an additional four units as recommended by the PhD Director

Students may also be directed or encouraged to attend and make presentations at various forums throughout their enrolment.

Relevant courses

0029 Doctor of Philosophy

Finance research

Advancing knowledge and transforming the practice of Finance

Our research advances knowledge in corporate finance, banking, asset pricing and derivatives, consumer finance, behavioural finance and financial markets. The Discipline has a regular research seminar, brownbag seminar and PhD seminars. Our PhD intake is two to three high-quality students per year. The Discipline engages international experts to provide highly specialised workshops on innovative empirical approaches.

Our partnerships with industry apply state-of-the art financial modelling and data analysis to tackle challenging problems. We implement a diverse range of methods including mathematical modelling, cross-sectional and time-series econometrics and forecasting, machine learning, and laboratory, online and field experiments.

The Discipline has a 90-minute research seminar on Fridays. The seminar convenor is Dr Pramod Kumar Yadav . 

2018 seminars

Large orders in small markets: on optimal execution with endogenous liquidity supply.

• Date: 23 November 2018 at 11am
• Venue: Room 5050, Abercrombie Building (H70)
• Speaker: Albert Menkveld, VU University Amsterdam

Risk Price Variation: The Missing Half of the Cross-Section of Expected Returns

• Date: 16 November 2018 at 11am
• Speaker: Andrew Patton, Duke University

Career Risk and Market Discipline in Asset Management

• Date: 19 October 2018 at 11am
• Speaker: Andrew Ellul, Indiana University

Ambiguity, Volatility, and Credit Risk

• Date: 12 October 2018 at 11am
• Speaker: Yud Izhakian, New York University

Making Money: Commercial Banks, Liquidity Transformation and the Payment System

• Date: 14 September 2018 at 11am
• Venue: Rm 5050, Abercrombie Building (H70)
• Speaker: Christine Parlour, University of California, Berkeley

Disclosure, Runs and Bank Capital Raising

• Date: 10 August 2018 at 11am
• Speaker: Jean Helwege, University of California, Riverside/ANU

Child Care Provision and Women's Careers in Firms

• Date: 8 June 2018 at 11am
• Speaker: Vidhi Chhaochharia, University of Miami

The Limits of Limited Liability: Evidence from Industrial Pollution

• Date: 25 May 2018 at 11am
• Speaker: Pat Akey, University of Toronto

CEO approval in social media and turnover

• Date: 18 May 2018 at 11am
• Speaker: Kwangwoo Park, KAIST

Does it Pay to Pay Attention?

• Date: 11 May 2018 at 11am
• Speaker: Antonio Gargano, University of Melbourne

Globalisation and US Corporate Tax Policies: Evidence from Import Competition

• Date: 6 April 2018 at 11am
• Speaker: Tao Chen, Nanyang Technological University

The Mean Streets of Sydney

• Date: 23 March 2018 at 11am
• Speaker: Robert Durand, Curtin University

The Effect of Foreign Institutional Ownership on Corporate Tax Avoidance: International Evidence

• Date: 16 March 2018 at 11am
• Speaker: Qiang Wu, Rensselaer Polytechnic Institute

Finance in a Time of Disruptive Growth

• Date: 9 March 2018 at 11am
• Speaker: Nicolae Garleanu, University of California, Berkeley

2017 seminars

Evidence from equity mutual funds.

• Date: 10 November 2017 at 11am
• Speaker: Clemens Sialm, University of Texas at Austin NBER

In Search of Preference Shock Risks: Evidence from Longevity Risks and Momentum Profits

• Date: 13 October 2017 at 11am
• Speaker: Chen Zhanhui, Nanyang Technological University

Marketing Mutual Funds

• Date: 6 October 2017 at 11am
• Speaker: Nikolai Roussanov, University of Pennsylvania

What drives Q and investment Fluctuations?

• Date: 29 September 2017 at 11am
• Speaker: Ilan Cooper, BI Norwegian Business School

Subnational Debt of China: The Politics-Finance Nexus

• Date: 22 September 2017 at 11am
• Speaker: Dragon Yongjun Tang, University of Hong Kong

Signed spillover effects building on historical decompositions

• Date: 15 September 2017 at 11am
• Speaker: Mardi Dungey, University of Tasmania

Macro News, Micro News, and Stock Prices

• Date: 8 September 2017 at 11am
• Speaker: Jinfei Sheng, University of British Columbia

Aggregate Expected Investment Growth and Stock Market Returns

• Date: 1 September 2017 at 11am
• Speaker: JianFeng Yu, Carlson School of Management, University of Minnesota

Liquidity Provision and the Transmission of Systemic Risk

• Date: 25 August 2017 at 11am
• Speaker: Zhongyan Zhu, Monash University

Mechanism Selection and Trade Formation on Swap Execution Facilities: Evidence from Index CDS Trades

• Date: 18 August 2017 at 11am
• Speaker: Haoxiang Zhu

High Frequency Market Making: Implications for Liquidity

• Date: 7 August 2017 at 11am
• Speaker: Yacine Ait-Sahalia, Princeton University

(Why) do central banks care about their profits?

• Date: 4 August 2017 at 11am
• Speaker: Vasso Ioannidou, Lancaster University

Risk, Ambiguity, and Time-Varying Stochastic Volatility

• Date: 28 July 2017 at 11am
• Speaker: Hwagyun Kim, Texas A&M University

Momentum in Corporate Bonds

• Date: 9 June 2017 at 11am
• Speaker: Hai Lin, Victoria University of Wellington

Reevaluating the CCAPM

• Date: 2 June 2017 at 11am
• Speaker: Charlie Clarke, University of Kentucky

Commitment to change or greenwashing? How signing the Principles for Responsible Investment affects flow to mutual funds

• Date: 26 May 2017 at 11am
• Speaker: Jacquelyn Humphrey, University of Queensland

Managing the Risk of the 'Betting-Against-Beta' Anomaly: Does It Pay to Bet

• Date: 19 May 2017 at 11am
• Speaker: Paulo Maio, Hanken School of Economics

The Efficient Markets Hypothesis Does Not Hold When Securities Valuation

• Date: 12 May 2017 at 11am
• Speaker: Peter Bossaerts, University of Melbourne

Option-Implied Correlations, Factor Models, and Market Risk

• Date: 21 April 2017 at 11am
• Speaker: Grigory Vilkov, Frankfurt School of Finance & Management

Fee-only Advice

• Date: 7 April 2017 at 11am
• Speaker: Benjamin Loos, University of Mannheim

Sensation Seeking, Sports Cars, and Hedge Funds

• Date: 24 March 2017 at 11am
• Speaker: Stephen Brown, Monash University

Attention Effects in a High Frequency World

• Date: 17 March 2017 at 11am
• Speaker: Bidisha Chakrabarty, Saint Louis University

Show Us Your Shorts!

• Date: 10 March 2017 at 11am
• Speaker: Bige Kahraman, Said Business School, University of Oxford

Controversial Industries, Regional Differences, and Risk: Role of CSR

• Date: 3 March 2017 at 11am
• Speaker: KwangWoo Park, KAIST College of Business

Funds of Hedge Funds: The Role of Prime Brokers

• Date: 22 February 2017 at 11am
• Speaker: Ji-Woong Chung, Korea University Business School

Meet our academics and research students.

Head of Discipline

Professor of Finance and Banking  Eliza Wu

Deputy Heads of Discipline

Dr Craig Mellare  - Deputy Head of Discipline (Education)

Professor  Joakim Westerholm

Professor  Suk-Joong Kim

Professor Peter Pham

Professor  Buhui Qiu

Professor  Susan Thorp

Fractional Professor  Iftekhar Hasan

Associate Professor  Shumi Akhtar

Associate Professor  Andrew Grant

Associate Professor Doowon Lee

Associate Professor  Jiri Svec

Associate Professor  Danika Wright

Associate Professor Jing Yu

Senior Lecturers 

Dr  Angelo Aspris

Dr  Quan Gan

Dr  Guanglian Hu

Dr  Elvis Jarnecic

Dr  Danielle Kent

Dr  Haekwon Lee

Dr  Henry Leung

Dr Claire Liu

Dr  Danilo Lopomo Beteto

Dr  Craig Mellare

Dr  Reuben Segara

Dr Cara Vansteenkiste

Dr  Juan Yao

Dr DuckKi Cho

Dr James Cummings

Dr  He Huang

Dr  George Issa

Dr  Tro Kortian

Dr  Lantian Liang

Dr  Andre Lot

Dr  Hamish Malloch

Yingdong Mao

Dr  Guangqian (Isaac) Pan

Dr  Richard Philip

Dr Yancheng Qiu

Dr  Michael Shin

Dr Mandeep Singh

Dr Jennifer Sun

Dr  Thomas To

Dr Pramod Kumar Yadav

Associate Lecturers

James Kennedy

Higher degree by research students

View our current  higher degree by research students . 

Sydney Banking and Financial Stability Conference

Visit the conference webpage .

Collaborate with us

Postgraduate research, discipline executive officer.

• [email protected]

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Doctor of Philosophy (PhD) Economics

About the Doctor of Philosophy (PhD) Economics

UNSW’s Doctor of Philosophy (PhD) Economics is offered by one of the world's top institutions in Economics (ranked 42nd in QS Subject Rankings - 2023) and will equip you with the expertise needed to become a globally focused and socially engaged researcher. 

You’ll be joining a cohort of high-achieving research students in tackling modern-day challenges at the forefront of economics, working alongside leaders in the field. This is your opportunity to become integrated into the UNSW Business School’s community of scholars.

The program is comprised of two components. You’ll begin by undertaking rigorous coursework covering microeconomic and macroeconomic theory, econometrics and applied economic analysis. As part of your doctoral program, you’ll also be involved in research projects even from an early stage. This research training will equip you with the skills required to identify, analyse and solve problems in the field. 

You’ll then pursue independent research under the supervision of high-profile UNSW academics, culminating in a doctoral thesis. Your PhD thesis will allow you to showcase your research skills and enable you to make an original contribution to the field of Economics. There will also be exciting opportunities throughout to interact with industry leaders, and to develop your teaching portfolio.

Our training is geared toward preparing you for a career in academia, although other career paths (e.g., consulting, government, industry, non-profit) are also enabled.

The vast majority of our higher degree research students are supported through a tuition waiver and stipend of around A$35-45K per year.

Before formally applying or contacting potential supervisors, you must complete an Expression of Interest (EOI) by sending the required material to [email protected] . Please read the "Instructions for Applicants" section below.

PhD program structure

Stream 1: 1-year of masters’ coursework + 3-year phd program (fully funded for coursework and phd).

Key Information:

• 1-year of Masters’ Coursework + 3-year PhD Program (fully funded both for coursework and PhD)
• The program starts in Term 1 (early February)
• No part-time option is available

Year One: Master of Pre-Doctoral Business Studies (MPDBS)

Year one will equip you with the skills required to identify, analyse and solve problems in the field, while helping you formulate your research agenda and identify potential thesis supervisors for the PhD component of the program. 

You will undertake coursework covering microeconomic and macroeconomic theory, econometrics and applied economic analysis. You’ll also have the opportunity to develop practical research skills by assisting in research projects. Upon successful completion of the first year, you’ll be awarded a Master of Pre-Doctoral Business Studies. 

A brief overview of the first year is presented below. Please visit the UNSW Handbook for full course structure details.

• Term 1:  COMM8100  + ECON7001  +  ECON7004
• Term 2:  COMM8102  +  ECON7002  + Research Assistance Work
• Term 3:  COMM8103  +  ECON7101  +  ECON7102

Year Two: Specialised Coursework and Identification of Thesis Topic

Year two will help you in further developing skills specialized towards dealing with the challenges relevant to your research topic. You’ll continue in the Economics stream with a further year of advanced coursework. 

You’ll choose up to eight additional research courses from a range of electives in consultation with your supervisor and PGRC, with the opportunity to take subjects outside of your specialised discipline. In year two, you’ll also be identifying your thesis topic with the aid of your supervisor. 

You’ll engage in literature review and research design and present your research proposal to the School of Economics at the end of the year.

Years Three – Four: Original Research and Your Doctoral Thesis

In the final three years of the program, you will be focused on conducting full-time research and completing your doctoral thesis. 

This is your opportunity to address some of the biggest challenges at the frontier of Economics and make a significant contribution to the field. Your research will offer new ways of critical thinking and withstand critical analysis from expert researchers in the area.

Stream 2: Direct Entry into the 3-year PhD Program

• Direct Entry into the 3-year PhD Program
• Note: it requires outside scholarship (or ARC Funding Support from your selected supervisor) AND a degree in Economics with research component (e.g., First-class Honours or Master’s in Economics) 
• You are expected to start in Term 1 (early February)
• A part-time option may be available (subject to approval)

Year One: Coursework and Identification of Thesis Topic

Year one will equip you with skills required to identify, analyse and solve problems relevant to your research topic.

You’ll choose up to eight research courses from a range of electives in consultation with your supervisor and PGRC, with an opportunity to take subjects outside of your specialised discipline.

These will include the four core courses listed below (unless you are exempted from taking them). You’ll also be identifying your thesis topic with the aid of your supervisor.

You’ll engage in literature review and research design and present your research proposal to the School of Economics at the end of the year. 

• Term 1:  ECON7001  +  ECON7004
• Term 2:  COMM8102  +  ECON7002

Years Two – Three: Original Research and Your Doctoral Thesis

In the final three years of the program, you will be focused on conducting full-time research and completing your doctoral thesis.

This is your opportunity to address some of the biggest challenges at the frontier of Economics and make a significant contribution to the field.

Your research will offer new ways of critical thinking and withstand critical analysis from expert researchers in the area.

Instructions for Applicants

Before formally applying or contacting potential supervisors, you need to complete the Expression of Interest (EOI) process by sending the following material to [email protected] . The EOI process opens 27 May  and closes 26 August . Only selected applicants will be invited to apply via the UNSW central portal.  

Important: make sure that you satisfy the UNSW academic and language entry requirements before submitting your EOI. Please read the Entry Requirements  section below. 

Subject: MPDBS Application

• Your name, citizenship, and whether you are a citizen or permanent resident of Australia.
• Your degree(s), institution(s) and year(s) of completion of previous studies.
• A list of advanced economics, mathematics and statistics courses taken and the grades you obtained for these courses.
• Names of two references (recommendation letter writers) and their contact details (e.g., affiliation, title, email).
• Names of two academics you wish to work with at UNSW.
• Three to five academic papers you have recently read that relevant for your research interest.

Attachments (in PDF):

• Your academic CV.
• Your official academic transcripts from previous degree(s).
• Your official GRE results.
• A research proposal or statement of purpose.
• If applicable, proof of your English Language requirement.

Subject: Direct Entry PhD Application

• A description of your Honours or Master’s thesis.
• Your funding source: outside scholarship, external grant, or support from potential supervisor.
• A copy of your Honours or Master’s thesis.

Academic Entry Requirement

The minimum academic entry requirement for Stream 1 is the equivalent of a four-year UNSW Bachelor’s degree in a relevant discipline (Economics, Finance, and related subjects) with first or upper second class honours. The minimum academic entry requirement for Stream 2 is the equivalent of a four-year UNSW Bachelor’s degree with an Honours year (research), or the equivalent of a UNSW Masters’ degree with substantial research component with first or upper second class honours.

Note: an upper second class honours is equivalent to a weighted average mark of at least 75/100 (i.e., a Distinction) at UNSW and is allocated to roughly the top 30% of students. Grading systems vary across countries. For more information, read this guide for grade equivalencies between countries .

If you are unsure if you satisfy the academic entry requirement, contact us at [email protected] and we will provide feedback.

English Language Requirement

UNSW recognises the follow countries as English-speaking: American Samoa, Australia, Bahamas, Barbados, Belize, Botswana, Canada, Fiji, Gibraltar, Ghana, Guyana, Ireland, Jamaica, Kenya, Lesotho, Liberia, New Zealand, Nigeria, Papua New Guinea, Singapore, Solomon Islands, South Africa, The Gambia, Tonga, Trinidad and Tobago, United Kingdom (including Northern Ireland), United States of America, Zambia, Zimbabwe.

If you are not a citizen of an English-speaking country, then you will need to establish that you have sufficient English language fluency. There are four ways to establish sufficient English language fluency: English Tests (including IELTS, TOEFL, Pearson and Cambridge), UNSW Global English Course, Prior Study, or an English Waiver. For details on each of these, please review our English language requirements .

• University of Bologna, Department of Economics, Research Fellow
• The National University of Singapore, Asia Competitiveness Institute, Research Fellow
• Monash University, Centre for Global Business, Research Fellow
• University of Oxford, Magdalen College, Research Fellow, then ETH Zurich, Department of Management, Technology and Economics, Assistant Professor
• Shenzhen Research Institute of Big Data, Research Fellow
• Monash University, Department of Econometrics and Business Statistics, Research Fellow
• The University of Melbourne, School of Mathematics and Statistics (Lecturer)
• University of New South Wales, CEPAR, Research Fellow
• University of Sydney, School of Economics, Research Fellow
• Wuhan University, Economics and Management School, Assistant Professor
• Australian National University, ANU College of Business and Economics, Associate Lecturer
• East China University of Science and Technology, School of Business, Lecturer
• University of Toronto, Department of Economics, Research Fellow
• South China Normal University, School of Economics and Management, Lecturer
• University of Sydney, Research Fellow, then University of Technological Sydney, Economics Discipline, Chancellor's Post-Doctoral Research Fellow
• University of Geneva, Faculty of History, Economics and Society, Research Fellow, then South Mediterranean University, Mediterranean School of Business, Assistant Professor
• Southwestern University of Finance and Economics, School of Public Administration, Associate Professor
• International University of Japan, Graduate School of International Relations, Assistant Professor
• University of New South Wales, School of Economics, Research Fellow
• Shanghai Tech University, School of Entrepreneurship and Management, Assistant Professor
• University of Bath, Department of Economics, Lecturer
• Sun-yat Sen University, Department of Economics, Assistant Professor 
• University of Technology Sydney, Research Fellow, then Macquarie University, Centre for the Health Economy, Honorary Research Fellow
• Zurich University of Applied Sciences, ZHAW, Research Fellow
• Jinan University, Institute for Economic and Social Research, Assistant Professor
• University of Melbourne, Melbourne Institute of Applied Economic and Social Research, Research Fellow
• Curtin University, School of Accounting, Economics and Finance, Lecturer, then Macquarie University, Macquarie Business School, Lecturer
• University of Technology Sydney, CHERE, Research Fellow
• University of Peradeniya, Department of Agricultural Economics and Business Management, Professor
• University of Technology Sydney, CHERE, Senior Research Fellow
• Monash University, Centre for Health Economics, Research Fellow
• Monash University, Monash Business School, Research Fellow
• UNSW, School of Economics, Research Fellow
• Durham University, Business School, Lecturer
• UCL Australia, Faculty of Engineering Science, Lecturer
• Shandong University, School of Economics, Assistant Professor
• University of Sydney, Charles Perkins Centre, Research Fellow
• University of Mannheim, Department of Economics, Research Fellow, then Monash University, School of Economics, Lecturer
• University of Tasmania, Tasmanian School of Business and Economics, Lecturer
• City University of London, Department of Economics, Lecturer
• Shangdong University, School of Economics, Lecturer
• Fukushima University, Faculty of Economics and Business Administration, Associate Professor

Your PhD will set you on the path to a career in a premier research institution, anywhere in the world. Throughout your research degree, you’ll also have many opportunities to develop your teaching portfolio.

Beyond academia, there’s also significant demand in the private and public sectors for people with deep knowledge and sound research and analytical skills*.

Whether you’re looking to pursue a career in academia, or take your research skills out to industry, a PhD in Economics from UNSW will get you there.

* Source:  2019 Advancing Australia’s Knowledge Economy Report

The UNSW Business School is ranked within the Top 50 worldwide for Economics and Econometrics.

An increasing number of PhD graduates find employment in business, government, and the non-profit sector. Nineteen of the largest ASX companies have PhD graduates on their senior executive teams.

Degree type

Postgraduate Research

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Term 1 – February

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International

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