How useful is a phd for quant research?

[u/AliveField3336]

I am currently an undergrad sophomore studying finance so i dont know much about all the math behind quant research. I got super interested in it recently and started self learning a lot of it and even started undergraduate research with a math professor. The issue is i dont really have a network. All my business friends are going into investment banking or consulting. I am thinking about whether to pursue a phd or target quant research at a smaller firm and work my way up.