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"In the US, you usually go directly to PHD from Bachelor. Masters are usually rewarded for those who cannot get the PHD. Most people would MBA if they don't want to be an acdemic."

The above words are definitely not true. Usually if you have academic talent, you propably go PHD; if you have business experience background and you are intrested in financial industry not academic, you'd better to get a MS in Finance. I have a MS in Finance for a top 30 U.S. university, and none of my classmate continue to pursue a PHD after we graduated, including one denied a PHD offer from our university.

PHD or MS depends on your bachground and your interesting.

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According my experience, if you've passed the CFA level 1 and Level 2 test, that would count a lots on your MS of Finance application.

Good luck on you application.

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