1100 Certified Public Accountants to Be Selected Next Year

[Asia Economy Reporter Minji Lee] ...The Financial Services Commission has confirmed the minimum number of Certified Public Accountants (CPA) to be selected in 2021 at the same level as this year, 1,100, on the 21st.

The FSC stated, "We maintained the direction of comprehensively and balancedly considering market demand and supply while maintaining the quality of audit services," and explained, "We closely reviewed various market supply and demand factors related to the number of CPA selections, such as predictability for examinees, hiring status of major accounting firms, the number of applicants, and demographic trends of the exam-eligible population."

The number of CPA selections is decided by the FSC Qualification System Deliberation Committee. The committee consists of 11 members, including the FSC Vice Chairman, Director of Financial Policy Bureau, Financial Supervisory Service expert deliberators, academia, corporations, and the accounting industry, with 7 appointed members.

Since the foreign exchange crisis, the FSC expanded the number of CPA selections to about twice the previous level in 2001 due to a significant increase in demand for accountants and maintained this until 2006. Before 2000, the appointment system selected a small elite, but as the scope expanded from external audit and tax agency to financial advisory, the number of selections was increased until 2006.

From 2007, the minimum number of selections was set at 750, and it was increased by 50 annually thereafter. After 2009, amid conflicting opinions on increasing accounting personnel, the minimum number of selections was maintained at 850 for 10 years. Later, in 2019, reflecting increased demand due to accounting reforms, it was increased by 100, and last year it was raised to 1,100.

The FSC said, "We will provide guidance through the announcement of the CPA exam implementation plan on the 27th," and added, "We will thoroughly prepare situational quarantine measures in response to the spread of COVID-19 to ensure the smooth administration of the exam."