I don't know about that. Quantitative finance is getting so complex that many of the top=tier investment banks and quant shops will ONLY hire PhDs for certain jobs. Even FE from good schools won't have the necessary rigor for the kind of modeling and analysis they do.
Former Senior Instructor, Manhattan GMAT and VeritasPrep
Vice President, Midtown NYC Investment Bank, Structured Finance IT
MFE, Haas School of Business, UC Berkeley, Class of 2005
MBA, Anderson School of Management, UCLA, Class of 1993