Firstly, congratulations on completing your MPhil and getting your PhD place! Secondly, coincidence! I started a similar thread a couple of weeks ago but got no responses! I too am contemplating a PhD in financial mathematics. Like you, I also have a masters. the only difference sa that I haven't been offered a PhD place. I haven't applied, yet.Do you need a Phd? You probably know the answer as well as anyone! If you want to be a research quant, you know, making up the models, then probably yes. If however, you'd be happy trading derivatives, then probably no.Here's an interesting, related question...Scenario: two candidates for a quant position. One has a PhD in financial maths and the other a PhD in string theory. Who is the more attractive? A silly question? Perhaps not. A sketch should clarify...Interviewer: Hello Mr PhD in financial maths! Please have a seat! Cuban?Mr Fin Math: Eh no, Dutch Irish. Sir, I'd just like to say, I'm a big fan of yours, I've read all your papers and I think you're the-I: Yes yes yes, enough of that! Tell me, why should I hire you?M: W-what? But, I, I did a PhD in this subject! It took me three years! God no! No! I'm sorry please wait! Please, I want to be like you. Here let me light that-I: Enough of this, for goodness sake stop pandering man! And tidy yourself up! We'll be in touch! Goodbye!...Miss Winner, send in Mr String Theory now, goddammit, what do I pay you for!I: Hello, Mr String Theory! Mr String Theory: Yes, greetings!I: Sorry about the mess. So, why should I hire you? Cuban, by the way?Mr: Don't mind if I do. Why should you hire me? Ha ha ha. Well, let's see, with my PhD in string theory you know I'm smart enough. Plus I don't pander like that blubbering fool I just met crying in the lift! I didn't know whether to buy him a stiff drink or smack him! No, you see I'm a free spirit in the best tradition, maverick yet brilliant!I: Ha ha ha ha ha, that's the spirit! I like you boy, you're hired!