Staff Directory

Dr Md Akhtaruzzaman Name: Dr Md Akhtaruzzaman
Lecturer (Finance)
+612 9739 2715
Organisational Area
Faculty of Law and Business
Peter Faber Business School (Sydney)
North Sydney
Building 532 - Tenison Woods House (8-20 Napier Street, North Sydney NSW 2060)-Level 6-Room 532.6.05
Biographical Information

Dr Md Akhtaruzzaman is a National Discipline Leader in Accounting & Finance and Lecturer in Finance at Peter Faber Business School. He is a Senior Fellow at Advance HE (formerly UK Higher Education Academy). His research interests include asset pricing, financial contagion, interest rate risk and capital adequacy. He is in the Editorial Board of Accounting & Finance (ABDC A-ranked journal). He has published articles in Journal of International Financial Markets, Institutions & Money, Economic Modelling, Finance Research Letters,  and Applied Economics, among others. He worked as Lecturer in Finance at the University of Newcastle. He also worked as a Curriculum Technical Advisor at Kaplan Professional Australia. He received his PhD from the University of Newcastle, Australia. He has also extensive experiences in the senior positions in the banking and finance industry. His main teaching areas are financial institutions management, corporate finance, investments, and business analysis.

Publication Award

The Best RHD Publication Award 2009 from Faculty of Business and Law, the University of Newcastle, Australia.      

Teaching Development Grant

Awarded a teaching development grant of $4,996 in 2019 from Australian Catholic University. The grant was competitive, and the success rate was 50%.             

Teaching Award

Awarded a teaching award and grant of $2,000 in 2019 from the Faculty of Law and Business towards &lsquoappreciation of teaching commitment&rsquo for an innovative learning and teaching project.

Teaching Excellence

Awarded a letter of excellence from the Director of Postgraduate Studies at the University of Newcastle for obtaining a score of 4.30 or more on the scale of 5.00 in student feedback on courses (SFC) in consecutive four years from 2013 to 2016.

Awards and Scholarships

07/2009-08/2013        Australian Postgraduate Award for pursuing my PhD degree

11/2005                       FMO Netherlands Technical Assistance Award to participate Training in Financial Risk Management                                                                conducted by Amsterdam Institute of Finance, the Netherlands

06/2000                       Agrani Bank Award for achieving the highest mark in Diploma in Banking

12/1999                       Sonali Bank Gold Medal for achieving First Position in Masters in Bank Management

07/1993-06/1996         Indian Council for Cultural Relations (ICCR) Scholarship  for pursuing B.Com (Honours)


PhD in Finance, 07/2009-08/2013, Title, Interest rate risk of Australian financial firms, The University of Newcastle, Australia

Senior Fellowship Higher Education Academy (SFHEA), 04/2020-Current, Advance HE (Formerly UK Higher Education Academy)

Chartered Accountant, 2019-Current, Chartered Accountants Australia and New Zealand (CAANZ)

Graduate Certificate in Higher Education (GCHE), 2017-2018, Australian Catholic University

CFA (Chartered Financial Analyst) Level III Candidate 2019, CFA Institute, USA         

MBA in Finance, 01/2000-12/2003, Institute of Business Administration, the University of Dhaka, Bangladesh

Diploma in Banking, 01/1999-06/2000, Institute of Bankers, Bangladesh                                      

Masters in Bank Management, 01/1997-12/1998, National University, Bangladesh

Bachelor of Commerce (Hons) in Accounting, 07/1993-06/1996, Banaras Hindu University, India      



Akhtaruzzaman, Boubaker, S., & Ahmet, S. (2020). Financial contagion during COVID-19 crisis, Finance Research Letters [A-ranked]

Akhtaruzzaman, Abdel-Qader, W, Hammami, H., S., & Shams, S. (2020). Is China a source of contagion?, Finance Research Letters [A-ranked]

Akhtaruzzaman, M., Sensoy, A., & Corbet, S. (2019). The Influence of Bitcoin on Portfolio Diversification and Design, Finance Research Letters [Australian Business Deans Council (ABDC) A-ranked journal]

Akhtaruzzaman, M., & Shamsuddin, A. (2017). Australian financial firms' exposures to the level, slope, and curvature of the interest rate term structure. Applied Economics, 49 (19), 1855-1874. doi: (ABDC A-ranked journal)

Akhtaruzzaman, M., & Shamsuddin, A. (2016). International contagion through financial versus non-financial firms. Economic Modelling, 59, 143-163. doi: (ABDC A-ranked journal)

Akhtaruzzaman, M., Shamsuddin, A., & Easton, S. (2014). Dynamic correlation analysis of spill-over effects of interest rate risk and return on Australian and US financial firms. Journal of International Financial Markets, Institutions and Money, 31(July), 378-396. doi: (ABDC A-ranked journal)

Akhtaruzzaman, M., Docherty, P., & Shamsuddin, A. (2014). Interest rate, size and book-to-market effects in Australian financial firms. Applied Economics, 46(25), 3005-3020. doi: 10.1080/00036846.2014.920478 (ABDC A-ranked journal)

Learning and Teaching Materials:

Worked as a powerpoint author for the following popular finance textbook in Australia:

  • Peirson, G., Brown, R., Easton, S., Howard, P. and Pinder, S. (2015). Business Finance (12 ed.): McGraw-Hill Australia, North Ryde (ISBN: 9781743075685)



Research interests:

Asset pricing, financial contagion, capital adequacy of financial institutions, cryptocurrency, and corporate governance.  

Editorial Board:

Accounting & Finance (ABDC A-ranked journal)

Research Award:

The Best RHD Publication Award 2009 from Faculty of Business and Law, the University of Newcastle, Australia.     

PhD Supervision:

I have worked as an assistant supervisor for a PhD student at University Southern Queensland. One PhD student has already completed his degree.

Honours Supervision:

I have worked as a co-supervisor for a Honours student in Finance at the University of Newcastle in 2015. 

International collaborations:

  • China, France, Ireland, Turkey, the US, United Arab Amirates

Academic Appointments

07/2016-12/2016        Curriculum Technical Advisor

                                        Kaplan Professional, Australia

  • Review and update course materials to ensure technical accuracy and currency of content in Master Applied Finance (MAF)
  • Develop and deliver course materials in MAF
  • Participate in scholarly activities which include research and scholarship of teaching.

01/2015-06/2016        Lecturer in Finance

        Newcastle Business School, The University of Newcastle

  • Worked as a course leader of GSBS6002 Foundations of Business Analysis, which is offered 12 times across the different campuses of the University in 2015-2016
  • Coordinated and lectured ACFI3190 Financial Institutions Risk Management in Semester 2, 2015 and received a score of 4.78 on the scale of 5.00 in student feedback on courses (SFC)

09/2013-01/2014        Post-doctoral Research Fellowship

                                         The University of Newcastle

                                          During the fellowship, I have been thoroughly involved with a number of tasks, which include:

  • Assisting PhD students in Finance at Newcastle Business School in the specification, estimation, and diagnosis of their statistical models

07/2009-12/2014        Sessional Lecturer in Finance

                                         The University of Newcastle

                                          During this period I was the course coordinator and lecturer in the following courses in multiple deliveries:

  • GSBS6144 Financial Institutions Management
  • ACFI3190 Financial Institutions Risk Management
  • GSBS6130 Corporate Finance
  • GSBS6002 Foundations of Business Analysis

Board and External Appointments

07/2009-07/2014        Director, The Board of Directors

                                    National Credit Ratings Ltd. (NCR), Bangladesh (

                                   * Assist to crafting the Board policies of a rating agency

                                   * Supervise the Rating Review Committee


                                 *Within four years, NCR became one of th leading rating agency in Bangladesh.

Industry Appointments

06/2007-06/2009        Managing Director

       SIMARCH Asia Pte Ltd, Singapore

  • Provided consultancy on Quantitative Impact Study (QIS) for the Basel II implementation in banks
  • Conducted training/workshop on Basel II/III, Asset Liability Management, Financial Risk Management and Interest Rate Risk Management in the following cities (countries):
  • Johannesburg (South Africa), Singapore
  • Hanoi and HCM City (Vietnam)
  • Kathmandu (Nepal)
  • Phnom Penh (Cambodia) and
  • Dhaka (Bangladesh)


  • Within two years, SIMARCH became one of quality training and consulting providers for banking and finance industry in Vietnam, Nepal, and Bangladesh.


06/1999-05/2007        Assistant Vice President and Head                                                          

Research and Planning Division, Mercantile Bank Ltd, Bangladesh

  • Prepared Annual Reports and Annual Budget from 1999 to 2007.
  • Developed and designed financial products for the Bank
  • Prepared all the Asset-Liability Management Committee (ALCO) papers for the meeting as the Member of ALCO in the Bank.


  • More than 35% of deposits has been mobilised through the deposit products I had designed.
  • Mercantile Bank Ltd won an award for The Best Published Accounts and Reports in 2006 from Institute of Chartered Accounts of Bangladesh.
Professional Memberships

Full Member, CPA Australia

Full Member, CA Australia and New Zealand

Regular Member of CFA Institute, USA, and The CFA Society of Sydney, Australia

Member, Global Association of Risk Professionals, USA

Member, American Finance Association, USA


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