The Masters students from the University's Graduate School of Business & Economics will spend two weeks across the municipality, quizzing locals, visitors and retailers about everything from how often they shop there to how much is spent and even the preferred mode of transport used to access the well-known shopping strips.

Chapel Street, High Street, Toorak Road and Glenferrie Road will all be analysed as part of the project, with the students also looking at issues such as safety, environmental concerns and residential opportunities in a bid to better understand what makes the areas tick.

The students are completing the study as part of the University's Volunteer Business Practicum, a program that allows students to provide a genuine contribution to a business or community organisation while gaining valuable work experience.

Program manager Sue Elston from the Faculty of Business and Economics Career Centre said the program, now in its third year, was a fantastic way for students to meet potential employers and gain confidence by being treated as professionals.

"One of the challenges for students we find is in dealing with an imperfect world, away from lectures and text books. By getting an opportunity to get hands on experience they realise that time passes very quickly in the business world, and that it's not just about how much time they spend on a project, but as consultants, how effectively they work."

Ms Elston said that the program was particularly valuable for international students, who make up a large part of the Practicum program.

"Because they are doing a project of real need, we find their confidence lifts so much as they see they can apply the skills they learned in the classroom into the real world. The difference between the students when you first meet them compared to when they get back from the program is incredible, and a very rewarding part of the process," she said.

The students will work with the City of Stonnington until mid-February, when they will present their findings to the council and their peers.