How it works

  1. High quality PhD students are sourced from Honours (Class I) and Masters Graduates in accounting, finance, economics, health economics and IT. Applicants are closely vetted by a selection committee.
  2. Shortlisted students are interviewed and selected by the industry sponsor.
  3. Once appointed, students work on industry research problems with both an academic supervisor and an industry supervisor. The academic supervisor is responsible for the academic component of the student’s research, including research methodology and the production of at least one academic article per year. The industry supervisor is responsible for the research problem and data access.
  4. The funding per PhD student is $50,000 p.a. which is paid to the student as a tax free scholarship. The supervisor is entitled to an allowance of $10,000 p.a. If the PhD student is required to undertake international travel, additional funding of $20,000 p.a. is required to cover international airfares and accommodation for up to 6-months, usually spent onsite with the industry partner. The total cost for an international PhD student is $80,000 p.a. The CMCRC funds all associated administration and infrastructure costs.
  5. If a Cotutelle arrangement is organised with an existing partner university of the CMCRC, then the funding required for a PhD student is split between the two universities.



The funding per PhD student is $50,000 p.a. over three years which is paid to the student as a tax free scholarship.  The industry partner funds the scholarship of the student, and the CMCRC provides administration and infrastructure costs associated with the students’ work.

Points to consider

The CMCRC distinguishes itself from other research organisations in a number of ways:

  • A substantial PhD program. To date more than 90 PhD candidates have graduated from University members of the CMCRC.
  • Up to 75 PhD students are involved in the program at any one time.
  • Student scholarships are generous. They receive two to three times the normal university stipend (tax free) which attracts top students and makes places very competitive.
  • Students are engaged in industry-driven research in the fields of finance and health.
  • Students are trained to handle market data. Coursework is provided both to the student and to the university to support their research in this field.
  • On graduation, 43% accept academic positions at universities (another 43% enter industry). Thus, the program is an important source of human capital development for both university and industry partners.

Capital Markets CRC Limited,
Level 3, 55 Harrington Street, Sydney NSW 2000, Australia.
t. 61 (2) 8088 4200