Well to put it in a data science terms, the employers are looking for precision, at the expense of recall. They don't care that they don't find all the good data scientists so long as the people they do find are good data scientists.
I actually think that requiring an advanced degree doesn't help toward that end.
In the finance world we call these people quants. And actually in my experience having a phd does very little for someone; the critical skill required is software engineering.
Thinking about investment strategies is about testing hypotheses, and you can't test things properly if you don't know a few things about how to organize code. This is actually an insidious problem, because there's nobody telling you how to actually build an alpha generating strategy. And if you can't investigate properly, you fall into all the traps (you make excuses to do the following): too many features, choosing too small a sample that happens to do well, filtering the data in so may ways one of them is bound to "work", and so on.
Imagine that you're a chef, but you can't chop stuff effectively. You would then work around that limitation, maybe work on dishes where it's not needed, or perhaps get a junior guy to do the chopping. You might think this solves the problem, but actually it just swaps one problem for another, because now you need to communicate and coordinate with this other person. Or you don't explore that whole area of food with chopped stuff in it.
CI pipelines, version control (branching, diffs, etc), database maintenance, a bit of OS basics. All things that tended to differentiate the productive quants from those who merely thought they were useful. I've seen things done in a few weeks that others had spent years not achieving.
As for the ML skills themselves, you do need a bit of math to do it, and the math is relatively easy to learn. There's loads of materials to help you as well. What's not explained so much is certain philosophical issues around what is being examined. A course in economics has examples of these things: endogeneity, Lucas critique (which is Hume rehashed), experiment design (do the observations mean what you think?).