Annual demand for 500 accounting Ph.D.'s is not being met by average graduation rates of 140, according to research by David Leslie, chancellor professor of education at the College of William & Mary. The AICPA Foundation is administering the Accounting Doctoral Scholars program, a $16 million effort that includes contributions from 80 of the largest accounting firms and numerous state CPA societies. "One tenet of this program is that we want to create additional Ph.D.s over what normally would be produced, the theory being, at the end of eight years -- which is how long it will take for all of them to complete their education -- we will have an additional 120 Ph.D.s above and beyond what would normally be created," said Denny Reigle, director of the academic and career development team at the AICPA.

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