Typical path to becoming a quant?

Hey guys, there isn't a lot of talk about this subject compared to other careers but can someone explain to me how people become quants at a bank or HF?

Is the general path: CS or Math undergrad from good school -> Work experience -> MFE or Ph.D. in quantitative subject at top school -> Quant.

Generally what work experience is needed between your undergrad and masters/PHD, is it generally just risk management?

Thanks.

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