I work in an investment bank and although i don't consider myself a quant i know that there is good demand for people with a solid math background plus economics & finance. I don't think you need a math phD for most quant jobs unless you're doing some real hard core modelling.


There are quite a few Masters in mathematical finance programs that are popping up, I have a friend who did one at Chicago and is now at a hedge fund. These programs are generally 12-24 months so much shorter than phD and will probably give you the technical background you need coupled with some finance.


Basically, i think it just depends on what you want to do. If you're really interested quant modelling than a math phD might be worth it(although i think a Masters in Math. Finance is probably enough) but if you just want to be a trader in bond options or exotics, structuring, research, or other fairly quantitatively demanding areas, a phD is not needed although a Masters in finance would probably help.


Hope this helps.