The Master of Philosophy (Business) — commonly known as an MPhil (Business) — is a Higher Degree by Research (HDR) awarded at Australian Qualifications Framework (AQF) Level 9. Unlike coursework master's degrees, the MPhil is a program of independent, supervised research in which students investigate a specific business topic of their choosing and produce an original thesis of up to 40,000–50,000 words. The degree typically takes 1.5 to 2 years to complete full-time and is assessed entirely or predominantly on the basis of the written thesis, which is examined by at least two independent examiners external to the university. Research areas commonly span management, organisational behaviour, marketing, finance, accounting, entrepreneurship, international business, human resource management, corporate governance, and business ethics. Students work closely with an academic supervisory team who guide the research design, methodology, and writing process throughout candidature. The MPhil (Business) is designed for high-achieving graduates who wish to develop deep, specialised expertise in a business domain. It is ideally suited to those interested in pursuing an academic career and proceeding to a Doctor of Philosophy (PhD), as well as professionals seeking to build advanced research capabilities for senior roles in government, industry, consulting, or research organisations. Employers of MPhil (Business) graduates in Australia include federal and state government departments, management consulting firms, the Big 4 professional services firms, multinational corporations, financial institutions, think tanks, industry bodies, universities, and research institutes.

Admission to the MPhil (Business) in Australia is highly competitive and typically requires a strong academic track record in a relevant discipline. Most universities require applicants to hold an Australian bachelor's degree with Honours at Class IIA (Distinction average) or above — equivalent to AQF Level 8 — or a completed postgraduate coursework degree at distinction level with a substantial research component. Some institutions will accept a bachelor's degree without honours if the applicant can demonstrate significant documented professional or scholarly experience. Applicants must submit a detailed research proposal outlining the proposed topic, its significance, theoretical framework, and proposed methodology. They must also secure the agreement of a qualified academic supervisor before an offer of admission can be made. Many institutions conduct a research skills audit at the point of enrolment to identify any gaps and assign additional preparatory coursework units. Applicants without prior research training may be asked to complete a research preparation course, such as a Master of Research, before commencing the MPhil proper. International applicants are required to demonstrate English language proficiency, typically through IELTS Academic with an overall score of at least 6.5 to 7.0 (with no band below 6.0–6.5), TOEFL iBT of at least 82–94, or equivalent. Applicants from approved English-speaking countries, or those who have completed their most recent degree taught entirely in English, may be exempt from these tests. Most universities also require submission of an academic CV, academic transcripts, referee reports, and a formal expression of interest as part of the application process.