Master of Commerce (Finance) (MC-COMFIN)
Masters (Coursework)Year: 2025 Delivered: On Campus (Parkville)
About this course
Contact
Professor Garry Twite
e: buseco-gradresearch@unimelb.edu.au
For currently enrolled students:
mbs.unimelb.edu.au/students/course-planning
e: buseco-gradresearch@unimelb.edu.au
For future students:
Overview
| Award title | Master of Commerce (Finance) |
|---|---|
| Year & campus | 2025 — Parkville |
| CRICOS code | 092762G |
| Fees information | Subject EFTSL, level, discipline and census date |
| Study level & type | Graduate Coursework |
| AQF level | 9 |
| Credit points | 200 credit points |
| Duration | 24 months full-time |
The Master of Commerce (Finance) represents Years 1 & 2 of the 5-year Doctoral Program in Finance and is only available to students pursuing the doctoral program.
Entry requirements
In order to be considered for entry, applicants must have completed:
- A four-year undergraduate degree in finance or a quantitative discipline, or equivalent, with a University of Melbourne equivalent weighted average mark of least 75% (H2A) or equivalent; or
- qualification and professional experience considered to be equivalent;
And
- successfully completed university level subjects in Calculus and Linear Algebra;
and submit:
- a personal statement outlining why they wish to be considered for the course (maximum of 1,000 words); and
- a Graduate Management Admission Test (GMAT) or Graduate Record Examination (GRE) test, unless the applicant has met one of the conditions for a GMAT/GRE exemption listed below; and
- academic referee reports (except for applicants who have graduated from the University of Melbourne within the last 5 years).
Meeting these requirements does not guarantee selection.
2. In ranking applicants, the selection committee will consider:
- prior academic performance; and
- the results of a Graduate Management Admission Test (GMAT) or Graduate Record Examinations (GRE) test completed within the last 5 years. The following applicants for this course are exempt from submitting a GMAT or GRE test:
- Those who have completed a tertiary degree in Australia or New Zealand within the 18 months prior to the date of application; or
- Those who face significant humanitarian issues;
- performance in an interview during which the applicant’s level of understanding, motivation and time commitment will be assessed; and
- relevant prior research and/or professional experience; and
- referee reports; and
- the personal statement.
3. The Selection Committee may seek further information to clarify any aspect of an application in accordance with the Academic Board rules on the use of selection instruments.
4. Applicants are required to satisfy the university’s English language requirements for graduate courses. For those applicants seeking to meet these requirements by one of the standard tests approved by the Academic Board, performance band 7 is required.
Inherent requirements (core participation requirements)
Inherent requirements are the abilities, knowledge and skills needed to complete this course that must be met by all students. For information on the inherent requirements specific to this course contact the course/program coordinator. In some circumstances reasonable adjustments may be available to enable students to meet these requirements while still preserving the academic integrity of the university's learning, assessment and accreditation processes. For more information on how to seek these adjustments refer to the Student Equity and Disability Support website: https://services.unimelb.edu.au/student-equity/home
Intended learning outcomes
Graduates of this degree will undergo rigorous training in and gain a thorough knowledge of finance and related quantitative disciplines, and be able to carry out high quality research in these fields. On successful completion of this degree students will be able to:
- Demonstrate an advanced understanding of the fundamental principles of finance;
- Knowledgably describe and critically evaluate the primary financial theories including foundations of finance, investments, and derivatives;
- Knowledgably describe the results of the applied research devoted to testing the primary financial theories;
- Critically comment on the results of the applied research in each field; and
- Develop cognitive, technical and creative skills to generate and evaluate advanced finance research questions.
Graduates of this degree have a solid understanding of financial research methodologies required to conduct research within the scope of current financial knowledge. On successful completion of this degree students will be able to:
- Knowledgably describe the sampling methods, statistical estimators and statistical tests used in applied financial research;
- Determine an appropriate statistical methodology for a financial research problem;
- Competently use at least one statistical package used in contemporary financial research; and
- Statistically analyse financial data to determine the answer to a financial research problem.
Graduates of this degree will have demonstrable research skills sufficient to carry out independent and sustained research in finance. On successful completion of this degree students will be able to:
- Apply the necessary analytical skills and techniques to critically assess a range of issues in finance, including: a) Develop the research questions necessary to test a financial theory or answer a financial problem; b) Determine an appropriate methodology for answering the research questions; c) Determine the data needed to conduct the research and manage this financial information effectively; and d) Determine the feasibility of a research project;
- Conduct the applied research using the methodology and data they have assessed as being appropriate, including: a) Managing financial information effectively; and b) Applying quantitative rigor in the assessment and analysis of financial research issues; and
- Communicate the results of their research in scholarly fashion.
Generic skills
- Applying financial theory and methods to knowledgably discuss the importance of a wide range of financial issues.
- Financial problem solving through the application of the necessary analytical skills and techniques.
- Assessing the importance and relevance of theoretical or empirical research in finance.
- Communicating financial ideas and research in a clear and concise manner.
Graduate attributes
Graduates of this degree will be:
- Knowledgeable in a broad range of financial fields, and be able to carry out research in these fields;
- Familiar with financial research methodologies required to conduct research within the scope of current financial knowledge;
- Able to demonstrate research skills sufficient to carry out independent and sustained research in finance;
- Adept at applying financial theory and methods to knowledgably discuss the importance of a wide range of financial issues;
- Financial problem solvers as evidenced through the application of the necessary analytical skills and techniques;
- Competent in assessing the importance and relevance of theoretical or empirical research in finance; and
- Proficient at communicating financial ideas and research in a clear and concise manner.
Course structure
The Master of Commerce (Finance) consists of 16 subjects comprising 9 compulsory Finance subjects, 1 Derivative subject, 1 Economics subject, 1 Econometrics subject, 1 Mathematics subject and either 3 or 4 constrained choice electives.
Progression from Year 1 to Year 2 of the Master of Commerce (Finance) requires:
- A minimum average of 75% overall in the subjects taken during Year 1; and
- a minimum average of 75% for the compulsory Finance subjects taken in Year 1.
Students who discontinue from the Master of Commerce (Finance) after Year 1 but have successfully completed the requirements of the Graduate Diploma in Commerce (Finance) will be eligible to receive the Graduate Diploma in Commerce (Finance) as an exit award.
Progression from Year 2 of the Master of Commerce (Finance) to the Doctor of Philosophy (Business and Economics) requires:
- A minimum average of 75% overall in the subjects taken during Year 2; and
- a minimum average of 75% for the compulsory Finance subjects taken in Year 2.
Subject options
Year One
All students must complete the following subjects:
Compulsory Finance subjects:
| Code | Name | Study period | Credit Points |
|---|---|---|---|
| FNCE90002 | Foundations of Finance | Semester 2 (On Campus - Parkville) |
12.5 |
| FNCE90009 | Research Report (Finance) | Semester 2 (On Campus - Parkville) |
12.5 |
| FNCE90041 | Finance Theory - Investments | Semester 1 (On Campus - Parkville) |
12.5 |
| FNCE90042 | Finance Theory - Corporate Finance | Semester 1 (On Campus - Parkville) |
12.5 |
One Derivative subject chosen from the following:
| Code | Name | Study period | Credit Points |
|---|---|---|---|
| FNCE90005 | Advanced Derivative Securities | Semester 2 (On Campus - Parkville) |
12.5 |
| MAST30001 | Stochastic Modelling | Semester 2 (On Campus - Parkville) |
12.5 |
One Economics subject chosen from the following:
| Code | Name | Study period | Credit Points |
|---|---|---|---|
| ECON90063 | Advanced Microeconomics | Semester 1 (On Campus - Parkville) |
12.5 |
| ECON90002 | Microeconomics | Semester 1 (On Campus - Parkville) |
12.5 |
| ECON90062 | Behavioural Economics:Accounting&Finance | Not available in 2025 | 12.5 |
| ECON30024 | Economics of Financial Markets | Semester 1 (On Campus - Parkville) |
12.5 |
| ECON90022 | Game Theory | Semester 2 (On Campus - Parkville) |
12.5 |
| ECON30022 | Experimental Economics | Semester 2 (On Campus - Parkville) |
12.5 |
One Econometrics subject chosen from the following:
| Code | Name | Study period | Credit Points |
|---|---|---|---|
| ECOM90002 | Econometrics 2 |
Semester 1 (On Campus - Parkville)
Semester 2 (On Campus - Parkville)
|
12.5 |
| ECOM90013 | Econometrics 3 | Semester 1 (On Campus - Parkville) |
12.5 |
One Mathematics subject chosen from the following:
| Code | Name | Study period | Credit Points |
|---|---|---|---|
| ECON90053 | Mathematics for Economists | Semester 1 (On Campus - Parkville) |
12.5 |
| MAST20026 | Real Analysis |
Semester 1 (On Campus - Parkville)
Semester 2 (On Campus - Parkville)
|
12.5 |
| MAST90057 | Elements of Probability | Not available in 2025 | 12.5 |
| MAST90058 | Elements of Statistics | Not available in 2025 | 12.5 |
| MAST90059 | Stochastic Calculus with Applications | Semester 1 (On Campus - Parkville) |
12.5 |
| MAST90027 | Practice of Statistics & Data Science | Not available in 2025 | 12.5 |
| MAST90051 | Mathematics of Risk | Not available in 2025 | 12.5 |
Year Two
All students must complete the following subjects:
Compulsory Finance subjects:
| Code | Name | Study period | Credit Points |
|---|---|---|---|
| FNCE90076 | Empirical Corporate Finance | Semester 2 (On Campus - Parkville) |
12.5 |
| FNCE90077 | Empirical Investments | Semester 1 (On Campus - Parkville) |
12.5 |
| FNCE90007 | Studies in Empirical Finance | Semester 2 (On Campus - Parkville) |
12.5 |
| Code | Name | Study period | Credit Points |
|---|---|---|---|
| FNCE90090 | Thesis Workshop 1 | Semester 2 (Extended) (On Campus - Parkville) |
12.5 |
| FNCE90091 | Thesis Workshop 2 | Semester 1 (Early-Start) (On Campus - Parkville) |
12.5 |
Two electives chosen from the following Economics and Econometrics subjects:
| Code | Name | Study period | Credit Points |
|---|---|---|---|
| ECON90063 | Advanced Microeconomics | Semester 1 (On Campus - Parkville) |
12.5 |
| ECON90002 | Microeconomics | Semester 1 (On Campus - Parkville) |
12.5 |
| ECON90012 | Microeconomics II | Semester 2 (On Campus - Parkville) |
12.5 |
| ECON90062 | Behavioural Economics:Accounting&Finance | Not available in 2025 | 12.5 |
| ECON30024 | Economics of Financial Markets | Semester 1 (On Campus - Parkville) |
12.5 |
| ECON90022 | Game Theory | Semester 2 (On Campus - Parkville) |
12.5 |
| ECON30022 | Experimental Economics | Semester 2 (On Campus - Parkville) |
12.5 |
| ECON90003 | Macroeconomics | Semester 1 (On Campus - Parkville) |
12.5 |
| Code | Name | Study period | Credit Points |
|---|---|---|---|
| ECOM90013 | Econometrics 3 | Semester 1 (On Campus - Parkville) |
12.5 |
| ECOM90005 | Advanced Econometric Techniques | Semester 1 (On Campus - Parkville) |
12.5 |
| ECOM90003 | Applied Microeconometric Modelling | Semester 2 (On Campus - Parkville) |
12.5 |
| ECOM90014 | Advanced Econometric Techniques 2 | Semester 2 (On Campus - Parkville) |
12.5 |
| ECOM90011 | Financial Econometrics | Not available in 2025 | 12.5 |
And students must select one of the following options:
Option One:
One additional 12.5-point elective from the Year 1 or Year 2 Economics, Econometrics or Mathematics elective subjects listed above;
or
Option Two:
Both 6.25-point electives listed below:
| Code | Name | Study period | Credit Points |
|---|---|---|---|
| FNCE90043 | Special Topics in Finance A | March (On Campus - Parkville) |
6.25 |
| FNCE90044 | Special Topics in Finance B | April (On Campus - Parkville) |
6.25 |
Progression from Year 1 to Year 2 of the Master of Commerce (Finance) requires:
- A minimum average of 75% overall in the subjects taken during Year 1; and
- a minimum average of 75% for the compulsory Finance subjects taken in Year 1.
Progression from Year 2 of the Master of Commerce (Finance) to the Doctor of Philosophy (Business and Economics) requires:
- A minimum average of 75% overall in the subjects taken during Year 2; and
- a minimum average of 75% for the compulsory Finance subjects taken in Year 2.
Graduate Diploma in Commerce (Finance)
Students who discontinue from the Master of Commerce (Finance) after Year 1 but have successfully completed the requirements of the Graduate Diploma in Commerce (Finance) will be eligible to receive the Graduate Diploma in Commerce (Finance) as an exit award.
Last updated: 21 February 2025