Hello, everyone.

I am currently assembling apps for PhD Accounting programs for Fall 2008 and would appreciate any feedback. The following is a summary of my application components and the programs to which I am applying. I am especially interested to know if it is anyone's opinion that I am applying to schools that may be "out of my league", so to speak. I have made an effort to include schools from different tiers in hopes of securing admission to at least a few schools.

Also, I should mention that I have not yet taken the CPA exam, but I am eligible to do so. I have not had the time because I have been too busy with school, GMAT prep, PhD apps, etc.

My application:
- GMAT: Q42, V40, AWA 6.0, T680
- MS Accounting from University of Cincinnati, GPA: 3.7 - including an extra year beyond the requirements of the degree in exclusively quant coursework such as calculus, linear algebra, stats, probability, etc.
- Post-Bac Certificate of Accountancy, Arizona State University, GPA 3.7
- BS Finance from Miami University, GPA: 2.5 (I know this is absolutely awful, but my undergrad was 10+ years ago and I have substantial post-grad coursework with mostly A's which I am hoping will redeem me somewhat)
- Work Experience: 6 years total (3 years in investment banking, 3 years in software)
- Rec Letters: 3 very positive letters from current and previous Accounting and Finance professors. One from the head of the Accounting Department at UC and one from an undergrad professor who will hopefully help explain that my undergrad grades are not a true indication of my abilities.

The schools to which I am applying:
Michigan State
University of Massachusetts Amherst
George Washington
Penn State
University of Connecticut
Syracuse University
University of North Carolina - Kenan-Flagler, Chapel Hill
University of Toronto
Purdue
Arizona State University
University of Cincinnati (I am currently a student working on Masters level coursework)
Carnegie Mellon

I think you should have good chances at some of the schools. Your Master GPA and the quantitative courses that you took will be helpful - both in the application process and when you start school.

Try to get some research work during the next few months...

I agree with tkkoh - you should have a good chance at many of those schools. I guess you know that, but UNC, Toronto and Carnegie Mellon are probably the 3 most reputable schools on that list. Although I can't recall any UNC graduate who teaches at a top school off the top of my head, they have a few faculty members who regularly publish in top journals. One of Toronto's graduates was the hottest guy on the job market a couple of years ago, and CMU has a long history of successful accounting icons (mostly analytical/theory work).

I'll repeat what I asserted in another recent thread: I think it's fair to say that admissions statistics at the PhD level are irrelevant to anyone involved in the process. Each school will have its own way/threshold in dealing with GMAT scores, GPAs and so on, but I doubt anyone ever got rejected because accepting him/her would have meant lowering admissions statistics.

As far as projected deficit goes, it's a good example of what they call an externality in microeconomics, especially for the top schools. Most schools will suffer a little from the deficit, but the top schools will likely be better off (ie. you'll never hear Harvard say nobody applied for a job). As a school, why would you make the investment of increasing the class size without knowing if others will do the same? You'll be churning out more graduates that - almost by definition - won't solve your own position-filling problems..