Hi,
I used to work in finance: equity research, m&a, and recently corporate access within a middle market bank you've heard of. I am applying to several Near/Middle Eastern Studies masters programs with the hope of doing an English/Comp Lit/NES PhD depending on how my interest in postcolonial theory and Arab language and literature evolves. I would say there are distinct challenges that we face coming from Wall Street. (Although one caveat - I had a single major in Middle Eastern Studies, and I only took stats and fin acct in college). The first is one of dedication. A PhD is a long and grueling process and takes a huge amount of stamina and dedication in your very niche subject. Do you have an intellectual fire that will sustain you through those very financially modest years? I'm sorry to say that a single minor in English might not qualify you for the PhD, and I think a masters in English or in another subject within the humanities will help prove that you're dedicated. It will also help you narrow down your interests and help you realize whether the PhD is something you want to do after all. A lot of people go into a masters thinking that they will all go into a PhD program, but you would be surprised how many end up in the working world instead. It's sort of how everyone applies to law school saying they want to change the world and work in Public Interest, but then they end up in Corporate. (Okay kinda bad example but I wrote it and now it's too late).
Anyways, I can empathize with you. My personality has matured over the years (well, er....I hope that's what it is), and I have realized that I can't work a desk job in a hierarchical environment anymore. I want to produce my own ideas, write my novel, teach, explore, travel, repeat. It might not be the most lucrative way to live my life, especially compared to finance. I'm only 24 now, but I believe that by the time I finish a prospective PhD, I'll be 32, and that's without a post-doc of any kind. Most of my current friends in finance will have mortgages, diversified investments, children. I might not have any of that, but I know my mind will be a more interesting place than it is now, and I'm planning on heading to the table this fall to role the dice.
If you have any other questions, feel free to PM me!