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Do Investment Banks mostly hire MBAs?


My friend says Investment Banks mostly hire MBAs. Is that true? Or are there as many PhDs and Undergrads in various positions throughout?

What about PhDs? MSc? All i hear are MBAs investment bankers. Won't a PhD be necessary for some of the quantitative job? Like Emmanual Derman of the Goldman Sach Quantitative Strategies Group is a PhD Physics.

usually they take only MBAs.. and that too, from prestigious schools..

undergrads are hired too.. but they start at lower position/grade to their MBA counterpart

mostly.. they definitely need someone with good education..

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