I have 3 years of experience in investment banking and I'm at a crossroads. An MBA from a top 10 school would take 2 years and basically guarantee a return to finance at a higher level. A finance PhD would take 5 6 years but could lead to either a faculty position or a quant research role. The thing is, finance PhD placements at top schools are incredible starting salaries for assistant profs at business schools are $200 300k, and industry placements at hedge funds can be even higher. But the opportunity cost of 5 6 years is massive when you're already earning well. Anyone here made this decision? How did you think about it?