Master of Commerce - PhD in Finance, Monash University


Call for Applications
Master of Commerce Programme
Department of Banking and Finance,
Monash Business School, Melbourne, Australia

The Department of Banking and Finance looks for exceptional candidates for the Master of Commerce (MCom) programme at the Monash Business School. This is a two-year research-oriented programme preparing students for a PhD and an academic career.

Why should you enrol in this programme?

Anyone who is interested in an academic career in finance needs rigorous training and preparation for a PhD trajectory. The MCom offers thorough academic grounding in asset pricing, corporate finance, financial institutions, and behavioural finance. It also provides the skills required to undertake original research, such as econometrics, coding, and academic writing.

Students are expected to complete coursework and write a Master thesis under the guidance of supervisors who are experts in their chosen areas. Upon successful completion of the MCom degree, selected students will progress to our PhD programme, working on their doctoral thesis under supervision of their PhD supervisors. So, if you pursue an academic career, the MCom is the perfect entry to a PhD programme.

All students enrolled in the MCom programme receive scholarships that cover their living costs (approximately AUD 30,000 per year) and waive their tuition fees.

Why should you come to Monash Business School?

Monash Business School is a powerhouse of academic research and education, and one of the world’s leading business schools. Monash Business School is amongst the 1% of business schools worldwide that hold the prestigious ‘triple crown’ accreditation by the three main accrediting bodies: AACSB, EQUIS and AMBA. We offer a comprehensive selection of awards, including bachelor degrees, specialist master degrees by coursework, masters by research, PhD and an MBA. We are the largest business school in Australia with over 16,000 students. As a research-intensive school, we attract the world’s brightest thinkers and most eminent visitors.

As a part of Monash Business School, the Department of Banking and Finance is one of the largest finance departments in the world. It comprises approximately 60 academic staff engaged in teaching and research in all areas of finance: corporate finance, asset pricing, banking and financial institutions, behavioural finance, market microstructure, and derivatives. The department is committed to high-quality research. The current faculty holds PhD degrees from renowned universities, including Erasmus University Rotterdam, Indiana University, London School of Economics, University of New South Wales, University of Hong Kong, Toulouse School of Economics, University of Chicago, and University of South California and has published in the top tier finance journals, including the Journal of Finance, the Review of Financial Studies and the Journal of Financial Economics.

Monash Business School is located in Melbourne, Australia. Melbourne is the state capital of Victoria and is consistently ranked one of the world’s most liveable cities. The QS Best Student Cities guide regularly ranks Melbourne as one of the top five cities in the world to live and study in. Home to around 5 million people and 175,000 international students, Melbourne is also renowned for its arts and culture, vibrant nightlife and extensive restaurant scene. Melbourne boasts excellent outdoor and sporting activities, beautiful, safe beaches and easy access to award-winning wine regions, internationally renowned surf beaches and the ski resorts of the Victorian high country. Melbourne is a welcoming and exciting place in which to live and work.

What does the programme include?

The programme is two years, with a large research project in the second year. The coursework includes:

Year 1:
- Corporate finance and intermediation theory
- Empirical corporate finance and banking
- Asset pricing theory
- Empirical asset pricing and investments
- Financial econometrics
- Finance research skills

Year 2:
- Research project (thesis)
- Advanced corporate finance
- Advanced asset pricing
- Advanced behavioural finance
- One elective course

How can you apply?

We are looking for recent graduates or final year undergraduate and Master students in finance, economics or related fields, with outstanding academic achievement and interest in finance research careers.

Students can submit their applications via the following link:
(course code: B6023, in “Undergraduate and Graduate coursework degrees (Australia and Malaysia)”). Applications for February 2021 intake will close on October 31, 2020.

Minimum requirements: Successful completion of an Australian undergraduate degree (or equivalent) in a relevant discipline. A distinction grade average (70%) or above for four units (24 credit points) in a relevant discipline at level three is required.

English language: Monash minimum: Level A, that is: IELTS: 6.5 overall (no band lower than 6.0); or TOEFL Paper-based test: 550 with TWE of 4.5; or TOEFL Internet-based test: score of 79 overall with minimum scores: Writing: 21, Listening: 12, Reading: 13 and Speaking: 18; or Equivalent approved English test.

Additional requirement: Please also attached a Statement of Purpose (max. 2 pages) which includes the reason why you want to apply for Master of Commerce at Monash University and your proposed research topic.

Shortlisted applicants will be invited to attend an interview with a panel constituted by the MCom Programme Director in one of the two rounds:
- Round 1: April to May 2020, or
- Round 2: November to December 2020

Decisions will be made based on students’ application packages and interview performance. Students will be informed with the results in May or December 2020. The selection process is competitive, and the decision is made on a case-by-case basis.


If you have any questions regarding the MCom programme, please feel free to contact:

Li Ge
Senior Lecturer
MCom Programme Director
+61 3 9903 2123

Jin Yu
Associate Professor
PhD Programme Director
+61 3 9903 4590