Financial Services Commission Slightly Reduces Next Year's Accountant Selection from 1,250 to 1,200

"Considering the Increase in Unregistered Accountants and Hiring Demand from Non-Accounting Firms"

The Financial Services Commission has slightly reduced the minimum number of certified public accountants (CPAs) to be selected next year compared to this year. This adjustment is understood to be a slight modification in response to the large-scale occurrence of undesignated CPAs who could not find training institutions among this year’s final CPA exam passers.

On the 22nd, the Financial Services Commission held a CPA Qualification and Disciplinary Committee meeting and announced that the minimum number of CPAs to be selected in 2025 has been set at 1,200. This is 50 fewer than this year’s minimum selection number of 1,250.

The minimum number of CPAs to be selected had been maintained at 1,100 for four years from 2020 to 2023, before being expanded to 1,250 this year.

The minimum selection number for next year was determined by comprehensively considering factors such as the demand for CPAs from non-accounting firms, predictability for examinees, supply and demand burdens due to the increase in undesignated CPAs in 2024, and the mobility of accounting personnel.

However, the minimum selection number is the minimum number of passers stipulated by the Enforcement Decree of the Certified Public Accountant Act, and the actual number of passers may be higher depending on the results of the second exam.

Although the Financial Services Commission has slightly reduced the minimum selection number, dissatisfaction within the accounting industry is unlikely to subside easily. According to a recent study on the appropriate number of CPA selections released by the Korean Institute of Certified Public Accountants together with the Korean Accounting Association and the Accounting Policy Research Institute, the appropriate number of selections for next year was '836 to 1,083.' Partners in charge of recruitment at the so-called 'Big 4' major accounting firms suggested an appropriate selection size of '1,000 to 1,100.'

The Financial Services Commission’s position is that the supply cannot be suddenly reduced considering the demand for CPAs from non-accounting firms. The Commission stated, "While continuously striving to actively respond to the market’s demand for accounting professionals, we will also explore and promote various support measures for undesignated CPAs who have not found training institutions in cooperation with the Korean Institute of Certified Public Accountants."