it's insanely competitive due to low barriers of entry and availability of leverage / capital. the phd part is incidental in the same way an mba is to a lot of

it's insanely competitive due to low barriers of entry and availability of leverage / capital. the phd part is incidental in the same way an mba is to a lot of the banking world: it's a hoop that demonstrates rational competence (they were accepted to such and such great program), and it's a base to begin selecting for personnel.