Who is Jeong Seok-woo, President of the Korean Accounting Association?

Meeting the Late Professor Jo Ik-sun at Korea University Was 'the Greatest Blessing of My Life'

Jung Seok-woo, President of the Korean Accounting Association, is being interviewed by Asia Economy. Photo by Moon Ho-nam munonam@

[Asia Economy Reporter Ji-hwan Park] Jung Seok-woo, President of the Korean Accounting Association (Professor of Business Administration at Korea University), is a distinguished scholar in the field of accounting who has consistently worked for the development of the accounting industry not only in academia but also within financial authorities. Born in 1962 in Hoengseong, Gangwon Province, he graduated from the Business Administration Department at Korea University and earned a master's degree in accounting from the same graduate school.

Professor Jung was not initially connected to academia. In his senior year of university, he passed the CPA exam and briefly worked at Samil Accounting Corporation in 1983. After completing his military service as an officer, he worked as a founding member at the National Comprehensive Credit Evaluation, the predecessor of NICE Credit Rating. His formal academic career began after quitting seven years of corporate life and moving to the United States in 1990 for study abroad. He completed his Ph.D. in accounting at the State University of New York and served as a professor there in 1996. The following year, he returned to his alma mater as a professor in the Business Administration Department at Korea University.

This year marks his 24th year teaching students at Korea University. He said, "While working for three years as a member of the Financial Services Commission’s Securities and Futures Commission, I gained extensive experience through major incidents such as the Dongyang crisis and the savings bank crisis." It was a time to gain field experience while broadening theoretical horizons.

When asked about the turning point in his life, he answered without hesitation, "Studying to become a CPA at Korea University." Although he started simply because of encouragement that it could be lucrative, it led him to meet a lifelong mentor. Professor Jung recalled, "Korea University can be considered my second hometown. Here, I found my lifelong career and met my favorite teacher."

He especially said, "Being the last disciple of my teacher is a great blessing, and I feel immense pride in that." The mentor he holds dear in his heart is the late Professor Cho Ik-soon, Emeritus Professor of Business Administration at Korea University, who founded the Korean Accounting Association. Unfortunately, Professor Cho passed away in June last year at the age of 94. Professor Cho is recognized for his significant contributions to the development of domestic accounting and tax systems as well as nurturing future scholars, having served as president of the Accounting Association, Tax Association, Business Administration Association, and the Korean Institute of Certified Public Accountants. In 2016, he was selected as the 'First Inductee' into the Accounting Hall of Fame established by the Accounting Institute, Accounting Association, and Accounting Standards Board.

Professor Jung will complete his one-year term as president of the Korean Accounting Association at the end of June. The Korean Accounting Association was established in 1973 to support research activities aimed at advancing accounting research and education in Korea. Over the past year, he has worked tirelessly to promote the accounting community, organize integrated academic conferences, and manage the association’s leadership beyond alma mater affiliations.

During the interview, he said he opened his old diary to reflect on how he has lived. His motto, "Do not fear failure, but fear being insincere," caught his eye. He pledged, "As my motto says, even after returning to being a regular member, I will do my best behind the scenes to ensure the association fulfills its role for the accounting industry."

Biography of Jung Seok-woo, President of the Korean Accounting Association

△ Hoengseong, Gangwon Province △ Korea University and Graduate School of Business Administration (Accounting major) △ Ph.D. in Accounting from the State University of New York △ Samil Accounting Corporation △ NICE Credit Rating (formerly National Comprehensive Credit Evaluation) △ Member of the Securities and Futures Commission △ Professor at Korea University Business School (current) △ President of the Korean Accounting Association (current)