PhD in Financial Math vs Masters/MFE

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rem

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I am finishing my 1st yr undergrad in Math and Finance at University of Toronto. I am really interested in Financial Math and plan to get more involved in it.

I plan to go to graduate school, and I want to get a deep understanding of the subject, and my goal in the end is to work as a quant. I have done a bit of research on the careers in this area, and I have noticed that many positions require a masters while some - at least a PhD, and the last type are the higher paying ones, or am I wrong?
Is it worth spending the extra time and money to get a PhD career-wise? And what about education-wise? I really love math, and would like to get into it as well...

I plan to go to grad school in a tier 1 US college, and I managed to find a lot of information about MFE programs on their websites, but not much about PhD programs.

What are the best colleges in US to do a PhD in financial math? And are there any that allow to go straight to PhD (maybe more time) without a masters?

Thank you for your help.:)
 
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