Some posts on here are very old, like the one you mentioned. Every geographic market will have its preference. There's also this front- middle-, and back-office separation. Just those to factors alone cement that fact that a PhD (in any field) isn't necessary, and doesn't give multiple times more of an advantage to any/every Quant analyst role. If you want to be in the US market, on the East Coast, and be in certain types of roles, then yes go build an academic castle with amazing practical projects as your moat. If you have less restrictions and don't need to always be in the best of everything, then other options abound. Aim high, and then find something else. Many of the 195 countries in the world have an need quant analyst. They aren't all run by someone from IT or Cambridge, and don't only hire PhDs. They can't all wait for students from Baruch and Berkeley. The "smartest" don't all come from these schools. Smart relates to the application of things you learn, and math, stat, physics, etc are the same subject anywhere you learn them. There are smart people to work with all over. Aim high, and then look elsewhere if it doesn't work out.
