Need Input/Advice

[Merlin]

I need more finance acumen if I am going to succeed at a good AACSB PhD program. Hence the MS in Finance.

You can build that without the MS program, but it sounds like you're set on going down that path. Given that, you might want to do a bit more research on the Ph.D. (or DBA) program you want to do and verify that the MS will apply. If the MS is a research-based degree then you have a good chance that at least some parts of it will apply, but there is no guarantee... particularly if it is at another school. If it doesn't apply, you may end up having to complete the same number of courses as someone coming in with a bachelor's degree.

This came up recently with someone I know who graduated with an M.S. in Computer Science from MIT. They wanted to move onto a Ph.D. (also in Computer Science) at a different school and found that only a single course was able to be applied towards their Ph.D. Had they planned on pursuing the Ph.D. from the start, they could have skipped the MS and went right into the Ph.D. program. As it is, they will have to effectively complete another master's degree in CS along the way to their Ph.D.

Apparently this is the status quo for top Ph.D. programs... the first few years of a Ph.D. is higher-level coursework and master's level research that is meant to prep you for the Ph.D. level research later in the program. If you are unable to complete the Ph.D. (fail the candidacy exam or oral defense, etc.), then you can usually leave the program with a master's degree.

Of course, if your choice is either the MS or the doctorate, rather than pursuing both, then this may not matter.