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The PhD is a credential at this point, it is easier to believe a PhD in astrophysics is a grand modeler than an MA. The point is the capacity to do high end research is important. No, you don't waste 10 years on a PhD, beyond the MA it should take 3 years. I will urge my son to get a PHD, being asinine!!!
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Ramaswami, historically, quants have been Ph.Ds, but that trend has changed...in the past, there were no degrees in quantitative/mathematical finance offered, but now, there are several graduate programs in financial engineering, mathematical finance etc, that prospective quants dont need to get Ph.Ds....some quants today do get Ph.Ds, but the vast majority of them just get masters in quantitative finacne