KICPA offers special training for undesignated accountants amid declining demand

This article was posted on March 13, 2025, at 11:21 a.m. on the ChosunBiz MoneyMove site.

Although they passed the certified public accountant examination, it has been confirmed that those referred to as 'undesignated' accountants, who did not receive an assignment to a training institution, will undergo practical training at the Korea Institute of Certified Public Accountants (KICPA) for one year.

According to the accounting industry on the 13th, the KICPA held a board meeting on the 10th and amended the regulations concerning a special training program that makes this possible. The program is expected to consist of practical training provided by the KICPA and commissioned training where accountants in the field serve as instructors.

The issue of undesignated accountants emerged last year. Last year, the number of certified public accountants selected increased significantly for the first time in four years (1,250), but more than 200 individuals who passed the exam were unable to find places for practical training. Those who pass the accountant exam must go through at least one year of practical training to officially work as certified public accountants.

In response, the KICPA and financial authorities proposed a short-term measure to employ undesignated accountants as winter interns at the four major accounting firms. However, as the contracts expire at the end of this month, there will be a situation where they have nowhere to go again. Consequently, the KICPA decided to accept applications from these individuals and will start special practical training on April 1.

The main point of the newly amended regulations is to lift the restrictions on the target of practical training. Previously, the KICPA established a special training program for undesignated passers in 2006, after the number of passers surged from around 500 to 1,000 starting in 2001. At that time, the regulations stated that those who had not found a training institution by 'the end of December' were eligible. The KICPA modified the direction to open it to 'those who passed but could not find a practical training institution,' without limiting the conditions to the end of December.

The industry views the recent opening of a path to properly assist last year's undesignated passers as significant. While the number of passers from last year increased, the manpower demand from accounting firms sharply declined, and the situation escalated with undesignated accountants holding truck protests to urge the resolution of the situation. In this context, there emerged a plan to educate undesignated accountants officially and sustainably, rather than relying on short-term internships. Particularly, as it is anticipated that this industry recession will continue for the time being, special training is expected to continue annually.

An industry official noted, 'The recent idea of all undesignated accountants being hired by the Big Four accounting firms faced significant backlash.' They added, 'It will be possible to seek employment freely while feeling a sense of belonging and stability during the special training conducted by the KICPA.'