I will talk about the topic from a different approach, maybe seeing and living in a different "world" or "universe" (maybe bizarre universe to the people on this forum). I'm from Venezuela, South America. I'm also imagine that there are no other, maybe only one, that come or had lived in this side of the world. I assume this extrapolating the statistics from CQF (2 from SOuthamerica, from +800 total alumni).In this side of the world, the word Quant Finance, Derivatives, Exotic Options has not even touch the arena. A lady last week was worried and concern about the things happening on Peru. Why? Because she has heard that Lima was broke. (bad traduction of Lehman). There are no Quants, maybe 2 or 3 making research. In the banks, the field more close to quant finance is risk management, and all banks buys the risk software and get trained by outside people. Off course, after the training the people goes back to their countries.So, how the people from here would think about this topic? Well, the people from finance industry don't want to study too much if they are going to work here. A bachelors degree and a year of MBA in the most extreme academic trained cases. WHy? Because the people that want to get rich, sees a better opportunity working in the goverment, or getting business with PDVSA, getting drunk every day with politicians and politicians friends, and getting out with a 2 million $ briefcase of corrupt money (See Venezuela Antonini's briefcase case for who don't understand). Don't worry about Venezuela Legal system, only 8% of homicide are comdened. And don't worry by the US legal system, you cooperate with FBI to fuck Chavez and they will let you go also. Moral: The people fired from quant finance field, that have a Phd in FInance and doesn't know how to get rich in this days, come to Venezuela and work with Venezuelan politicians! ()That's simple. If somebody studied a Phd is for the reason of living 4-5 years trying to understand a little part of the universe. Or to model it. Love as Paul called it. That's all. I think most of the problem with the guys with the Phd working in finance and worried about their time invested on education is that they want to get paid one million dollars per year only for the reason of having a Phd in Finance. I have teachers from hard sciences (math), really smarter than finance businessmen solving hard problems, that simply don't get satisified with a simpler job that pays more. They do what they want to do and that satisifies them. If somebody have a Phd and don't like research, well maybe it's time to think how its taking its decisions.