Latin graduate admitted to dodgy translation of prayer (4,4)
I believe the answer is:
hail mary
'translation of prayer' is the definition.
(translation of 'Ave Maria')
'latin graduate admitted to dodgy' is the wordplay.
'latin' becomes 'l'.
'graduate' becomes 'MA' (abbreviation for Master of Arts).
'admitted to' is an insertion indicator.
'dodgy' becomes 'hairy' (both can mean dangerous).
'l'+'ma'='lma'
'lma' placed within 'hairy' is 'HAIL MARY'.
(Other definitions for hail mary that I've seen before include "Prayer to the Virgin" , "Ave Maria" .)