Hedge Fund after STEM Masters and SWE Experience or PhD required?

Hi All, 

Im a 1st year engineering (and tech innovation) masters student at Carnegie Mellon. Im also a software engineer at one of the big credit rating agencies. I feel as if my background and education isn't quite there for trading at a hedge fund in NY. Some people from my masters go on for PhD's after. Does it make sense to get a CS or ML PhD from a school in Manhattan ( I desperately want to leave pgh) after graduating and play the long game for getting into a hedge fund? Im saying this because IB, PE, and BB in general seems a no go for people out of CMU. 

 

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