GMAT 650 PHD ACCOUNTING?

I'm concerned with both the graduate and undergraduate GPA more than the GMAT score. Assuming you're a recent graduate (based on your work experience), more weight will be placed on your undergraduate GPA and you will have a hard time finding an accredited doctoral program that will accept you with a 2.9 GPA. Unfortunately, mid-tier is not even an option. I'm not familiar with your graduate school, but many graduate programs are guilty of grade inflation, so a 3.5 GPA, while respectable at face value, won't be much in comparison to candidates applying with grad GPAs of 3.8 and above. While adcoms may be willing to overlook one weakness, it's hard to overlook a weak GPA AND a weak GMAT score. I also question your ability to get strong rec letters from academics due to your not so strong academic performance to date.

I'd never suggest that anyone gives up on their dream but to help make yours a reality, I suggest reaching out to your MBA professors and asking to assist them with their research. Quality research experience will often help set you apart from other applicants and provides a source for a strong letter of recommendation. Increase your GMAT score and if at all possible, complete a master's degree that will expose you to advanced math courses and get as close to a 4.0 as possible. Consider taking and passing the CPA (or Chartered Accountant) exam to strengthen your application. And good luck!