How the experience of science-based Ph.D. students working in or funded by Australian Cooperative Research Centres (CRCs) compares with their peers in regular university science-based departments is the key focus of this article. CRC doctoral programmes that integrate industry needs with professional development offer an alternative to traditional research training, emphasizing producing 'industry-ready' graduates with a broader educational experience linked to the needs of research users. The overall experience of both groups, their attitudes to collaboration with industry and where their studies are leading them are analysed. Of particular interest is whether CRC-related Ph.D. students have more positive attitudes towards their training, towards industry and research and development (R&D) partnerships with industry than those outside CRCs and to what extent both favour the idea of careers in industry. Findings, based on a survey of Ph.D. students in two Australian research-intensive universities, indicate that the CRC research training experience has much to commend it. This suggests that in reforming doctoral education programmes, universities would do well to further examine the effectiveness of aspects of this alternative.