Anyone who feels qualified to respond to this thread from a place of experience is more than welcome to reply, but do know that I specifically invited a few folks that I do know qualify based on their self descriptions.
I've decided that the career path that makes the most sense for me is to get a Ph. D. in music, mostly so I can teach it in a university setting. I'm concerned about several issues, and I'd like informed opinions on how to respond to my issues against real life. If you need more information to be able to give me an informed answer, please ask.
MY BACKGROUND IN A NUTSHELL:
Two years of formal piano study.
Whatever music one gets in the public school system
33 years of piano performance, over 20 years professionally.
1,600+ memorized popular repitoire of music from the 1960's forward, as well as some decent jazz standards and klezmer music.
Absolute pitch memory to a great degree.
The ability to listen to a piece of music several times, memorize it, arrange it, and play a piano only version of it in relatively short order
Good college student (3.8 GPA, 140's IQ, Bachelor of Science degree from 1986, presently age 39). Started a masters degree (quit for health reasons that are now permanently resolved), and during my first semester wrote a paper for an academic journal that was published on the first try.
In other words, way beyond the typical person that takes lessons for two years, but lacking in the depth of formal education.
MY DESIRES AND MOTIVATION:
I'd like to teach in a university setting. Although I am a decent performer, I don't think I want to specialize in that field. I'm more interested in arranging and composition, and I believe that I certainly have the piano chops for that. I presently do computer work, but I got there from my experience in corporate education, which is why I know that I like to teach. More specifically, I like to tell folks what to do, and I want them to listen (maybe I should just be a conductor <grin>

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I do want some stability of employment, but feel that I need to go forward in the music field in spite of that. I like to teach, I'm highly interested in music, and putting the two together makes a lot of sense. It is either do this, or find a day job that will leave me time to do my music or involve me in music.
I want to be able to retire at a reasonable age. I don't expect to be rich (but G-d, I won't turn it down

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CONCERNS:
Do I have a prayer of being able to get a job after school?
Do I have a prayer of getting into school?
Does it really matter if I go to a 'good' school?
Even if not, which are the best schools in the country (besides your alma matter)?
I know that Ph. D. psychology students are heavily subsidized. Are there subsidies for music students? Yes, I'm willing to work for the university.
Can you see corallary paths that provide music involvement, reasonably stable employment, and the ability to tell people what to do so they actually choose to listen to me.
If I want to teach music arrangement and/or conducting as my long-term goal, will that get me anywhere?
What questions should I be asking that I'm not informed enough to ask?
Thank you all for your consideration of me reaching my goals.