Different companies look at it differently. I have no PhD but started off as a quant - my first firm weren't bent out of shape about the PhD thing.
It's a case of sourcing such roles and/or roles like market risk that could lead to quant finance roles. You never know maybe as you progress through market risk interviews a quant role not looking for a PhD might come along anyway. Subconcsious has funny ways of getting us what we want when we don't stress. This isn't some The Secret bullshit but more what a trained psychotherapist will tell you - certainly found that it's true in my life.
Same deal in data science e.g. many data science roles asking for PhD, but plenty of non-PHD data scientists who started out as Data Engineers.
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