Thank you for both of your responses. I actually did not do very well in accounting (3.15 gpa), and I enjoyed my finance classes much more. I know accounting professors are in high demand, but I would much rather get accepted into a finance phd program. The main difference I have seen, correct me if I am wrong, is that accounting research tends to be a little "behind", and somewhat piggybacks off of the leading finance/economics research. As far as my research interests, I would like to focus on corporate finance, asset pricing, and derivatives.