The Korea Institute of Certified Public Accountants (KICPA) has announced amendments to the regulations for a special training programme aimed at ‘undesignated’ accountants, reported Chosun Biz.
Undesignated accountants are classified as those who have passed the certification exam but have not been assigned to a training institution.
Set to commence on 1 April 2025, the programme will provide practical training overseen by the KICPA, with experienced accountants in the field acting as trainers.
This decision comes after more than 200 individuals who passed the certification exam in 2024, found themselves without practical training placements, despite the number of certified public accountants increasing for the first time in four years to 1,250.
The programme was first established in 2006 after an increase in the number of certified accountant passers from around 500 to 1,000 since 2001.
The updated regulation now allows any accountant who has passed the exam, but has not secured a place at a practical training institution, to apply for the programme.
To become certified public accountants, candidates are required to complete at least one year of practical training.
The KICPA, in collaboration with financial authorities, previously arranged for undesignated accountants to take winter internships at the four leading accounting firms.
However, these contracts are due to expire at the end of March 2025.
In response to this impending gap, the KICPA has revised its regulations to remove the previous restriction that only those without a placement by the end of December could participate.
This comes after the January 2025 announcement by KICPA, of its plans to launch ChatCPA (Beta), an AI-powered accounting service to provide members with knowledge on accounting and taxation.
This project is a joint effort between the KICPA and the Youth CPA.
