BB Ops/Sales or Discounted MA in Econ (In-State)

I posted this under hedge funds, because this is ultimately where I want to end up. So here it is:

Goal: break into a Hedge Fund

Which is better?

1. BB operations (Trade processing) -> Strong MBA or CFA (or both) -> BB Trading/Asset Management -> HF

2. MA in Econ (Econometrics/Finance focus) -> Possible PhD in Econ -> BB position -> HF

   MA in Econ -> some analyst position at a financial institution -> Strong MBA -> Asset Management -> HF

3. BB Sales -> ???

*My MA in Economics would be very cheap and I could finish it in a year and a half probably. I would go for an MBA now, but I only have 1 yr of full time experience and I do not want to make the mistake of going to early.

Basically where I am is trying to decide if I want to pursue work in BB operations (trade processing) or go back to school and get a MA in Econ. I have seen several positions at BB's specifically requesting Masters in Math, Comp Sci, Physics and Economics for Fixed Income positions...so I think that if i get my MA (and perform well) I may be able to get something with it...however I know work experience matters...I dont want to bet it all on the back office and cant move to the front..

Thoughts?