Melbourne neuroscientist, entrepreneur and soon-to-be 'space tourist' Dr Alan Finkel has been named chancellor of Monash University.

Discussing his new role at a press conference on Thursday, Dr Finkel said the role is "more exciting" than other accolades he has previously received, which are often just "a moment in time".

The chancellery is the latest in an already brimming CV for the neuroscientist, who received an Order of Australia (AM) on Australia Day 2006, and co-founded the award-winning science magazine COSMOS with his wife, Dr Elizabeth Finkel, the previous year.

Dr Finkel, 55 and a graduate of Mount Scopus College, believes his engineering background will help him and the “[Monash] council to achieve great things”.

"I have an engineer's attitude to taking complex issues and trying to find a solution," he said.

Dr Finkel’s appointment comes as Monash University has witnessed a growth in its Jewish studies department, most recently with the appointment this week of renowned Israeli academic Dr Fania Oz-Salzberger as the Leon Liberman chair of modern Israel studies in the Australian Centre for the Study of Jewish Civilisation.

"I'm glad for Monash that it has taken on the Australian Centre [of Jewish studies] ... There's been enormous support from the Jewish community," Dr Finkel said.

Dr Finkel is the seventh Monash chancellor in five decades, but the first to have graduated from the university, which he did in 1980 with a PhD in electrical engineering.

But Dr Finkel is no stranger to firsts, having last year secured his place as Australia’s first Jewish space cadet, after paying more than $250,000 to join Sir Richard Branson’s Virgin Galactic space-travel program.

He is expected to make the 2.5-hour voyage, only seven or eight minutes of which will be spent “in space”, in 2009.

Dr Finkel assumes his position at Monash on January 1, 2008, and succeeds Jerry Ellis.