Is that still true? Now that exotic securities are looked down on, and the safe ones are established don't require Ph. D level research anymore? Follow up: You

Is that still true? Now that exotic securities are looked down on, and the safe ones are established don't require Ph. D level research anymore? Follow up: You are right of course about Wall Street. NY, there's no better place for a physicist that is tired of being broke. But, is the same true about other big cities? Chicago, LA, Houston, SF? Is there any chance? Or is NY Google, and Chicago is Bing at best?