There are some PhD programs that don’t require a masters (I got into mine without one,in fact. But that was a long time ago)… However, admission is very competitive - even for my school (ranked somewhere in the 30-50 range) there were something like 70 applicants for 3 slots the year I got in. And I doubt I could get acepted (or maybe even hack it) there now. Most applicants that are taken seriosuly WILL have a masters, so take it for what it’s worth.
If you’re truly interested in getting into a PhD program, here’s how I’d approach it. First talk to your profs. Then call schools similar to the ones you’re looking to apply to and ask them what they look for in a candidate. The key is to learn the language THEY use, and to use them as a “calibration sample” to hone your approach.
If you want to maximize your chances, you need to show that you understand what you’re getting into. Along those lines, I’d recommend taking at least one class in Real Analysis and another in Linear Algebra (hopefull a “proof-oriented” one, rather than a “computation-oriented” one). Also a good class in Mathematical Statistics. The reason is that a lot of the literature you’ll be reading will be pretty theoretical math-proof-type stuff, and having taken these classes demonstates that you “get” what the program is all about (and you can talk about this in your application essay).
Reference letters are very important, but the application essay is CRITICAL. What they’ll want to know is (1) do you understand what a PhD is all about (i.e. that it’s not just a "super MBA - it’s training to do research), (2) Are you extremely curious (that’s what research is all about, after all - curiosity), (3) Are you good at puzzles, and (4) are you disciplined enough to work in a relatively unstructured and often unsupervised fashin for long periods of time. Being the alpha nerd helps, too.
in Australia, many Master of Finance programs will give 1 year exemption based on the CFA program (Master of Finance itself is a 2-year program).
also, here in order to get into a PhD research program, you’ll need to demonstrate technical competency (i.e. top academic results from previous studies) and research experience (which normally means having done a minor thesis during a Masters course work studies), among other formalities.
i have seen cases where during someone’s Masters research (which you can only get in by doing exceptionally well in your honour’s degree), it was decided that the research will be converted to a doctorate research (for various legitimate reasons), so these students can effectively go straight from their honour’s studies to a PhD.
To each his/her own…IMO it’s not quite the same. Granted I haven’t yet taken the level 3 exam, but my opinion is based on the having taken the first 2 exams. I also recently completed a masters in finance. The classes I took for my degree went in depth into concepts beyond the level the CFA curriculum does. The CFA curriculum, in comparison, only skims the surface of many concepts.
If I were interested in pursuing a PhD, I would want to be prepared as best as I can to be positioned to succeed. For example, in our classes there were many topics were we had to derive equations and I remember thinking ‘I wish I had brushed up on my calculus…I should have taken a refresher calc class before I started this masters program’. But that’s just me- I don’t want to just get by, I want to excel. I still got through the class and graduated with a great gpa. So, I guess I’m saying it all depends on what you want to get out of the experience.