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CEO Hoonsoo Yoon graduated from the College of Business Administration, Seoul National University, and earned a master’s degree from the same university. Having joined Samil Accounting Corporation in 1987, he is an expert auditor with more than 30 years of experience. He worked at the San Jose office of PricewaterhouseCoopers (PwC), a global accounting and consulting firm, since 1994, where he audited various companies in Silicon Valley. He went on to serve as Head of Global Services, Leader of the Integrated Services Group, and Head of the Audit Division, and has served as the CEO of Samil PwC since July 2020.

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Q.1 Hello, we appreciate you sharing your precious time for this interview. Our first question will take you back to your undergraduate years. Do you have any memorable episodes of when you first enrolled in the College of Business Administration in 1983?

I will be honest and tell you that, sadly, I do not have memorable stories. That was when the pro-democracy movement was in full swing; it was an era filled with chaos, uncertainty, and anxiety. There was little time to calmly consider academia or the future. The environment was very different from what students experience today. I wish I had more time and energy to create good episodes like you can do today.

Q.2 You mentioned that your path to becoming a CPA began somewhat by happenstance. Looking back, what meaning do you draw from the fact that this chance event ultimately led to a 38-year career?

You might be familiar with the phrase, “Success in life is 70% luck and 30% effort.” Some even say it is “70% luck and 30% good fortune,” but I firmly stand by this saying. Of course, you need the abilities and hard work to seize an opportunity, but in the end, much of it comes down to luck.

I did not have a great epiphany that led me to take the CPA exam, and I just happened to pass and join Samil Accounting Corporation. There was a time when I was tempted to change jobs mid-career because non-monetary institutions paid very well in the 1990s. However, I was not as diligent about changing jobs. Looking back now, my laziness was not always a virtue, but it eventually worked well for me. I did not strategize, but I did my very best in my position, which perhaps led me to where I am now.

Q.3 What was your greatest motivation that led you to become a CEO? Were there any moments of failure or setbacks?

When I was younger, I was highly ambitious and perfectionistic about my work. Although I could have used the report format my predecessor used, I revised the wording and structure and worked through the night to identify disclosures from similar companies overseas. I worked endlessly handling time-sensitive tasks such as anti-dumping responses, due diligence on foreign companies, and preparations for a New York Stock Exchange listing.

As a result, I developed high blood pressure at a young age and am still taking medication for it. This, for me, is a definite failure. I might have been successful if I had taken care of my health and balanced work with family life, but I did not. Once you lose your health and personal life, you can never get them back. I urge my juniors to maintain that balance proactively.

Frankly, I am also very bad at office politics. I made many enemies and was heavily criticized for not readily accepting existing power structures or the hierarchical order, and for trying to change how tasks were assigned so they were based solely on ability. Nevertheless, Samil is a great organization because its culture allows someone like me to be appreciated for working hard and contributing to the organization.

Q.4 As a leader of a large organization with thousands of experts, what is your leadership philosophy?

A concept repeatedly emphasized in the PwC global leadership meetings is “fiduciaries.” The leader of an organization should not seek personal profit but should act as a fiduciary for the entire partnership. This idea resonated deeply with me, and I believe I have lived by it.

In many cases, personal gains or preferences are hidden behind individual decisions. I myself am somewhat slow in that respect, so I just ask myself, “What would be best for our organization?” which naturally leads to decisions that some did not prefer.

One prime example is industrial specialization. After realizing the importance of domain expertise during my five-year stint in the United States, I have pursued industrial specialization since returning to Korea. There were many objections and a lot of noise, but I followed through. The same was true for AI and digital transformation. When I gathered the partners to study, I was bombarded with comments like “This is a waste of time,” but I did not stop with the firm belief that this was the future. 

When choosing a leader for an organization, ask: “Is that person the best fiduciary?” If a popular, well-spoken person becomes a leader but ultimately pursues only their own interests, it is of no help to the organization.

A leader should also have the foresight to see into the future. We now live in a period of major transition that occurs once every few hundred years and follows the Agricultural, Industrial, and Information Revolutions. If an organization focuses solely on maintaining the status quo in an era like this, it will stagnate. Foresight is built through research. Golfing with clients simply is not enough. You should constantly study the economy, the capital market, geopolitics, and how AI could change society, and allocate resources in advance.

Q.5 You have emphasized the importance of a horizontal organizational culture. What was the greatest challenge in implementing this within the hierarchical culture of an accounting firm?

Frankly, I have not been able to resolve this completely. A single generation’s effort cannot change culture and customs. I made many attempts throughout my term, but it is still not quite there. I believe the next CEO will need to maintain a consistent focus for the results to become apparent over time.

Nevertheless, it is clear why change is necessary. In such a complex world, it is extremely risky for an organization to have a single person know and decide everything. The opinions of leaders and field partners across countless areas, such as accounting audits, tax, and M&A consulting, must flow freely throughout the organization. I myself regret that “I may have said too much” after a meeting. While it is an ongoing process, I remain confident in my conviction that this is the right direction.

Q.6 You achieved significant accomplishments during your tenure, such as surpassing 1 trillion won in revenue. What would be the most decisive factors behind your achievements?

First of all, we benefited greatly from the system. As regulations, such as the system for the periodic appointment of external auditors, were strengthened after the Daewoo Shipbuilding & Marine Engineering crisis, the industry grew rapidly, and we were able to ride that wave.

However, I believe we could be one step ahead of other firms thanks to our outstanding personnel. Samil has long been the best firm and has naturally attracted outstanding talent, leading to higher-quality service.

Another contributing factor is this: when profits increased due to growth, we offered significantly higher compensation to staff than our competitors, rather than increasing the partners’ shares, which created a virtuous cycle that maintained and attracted talented personnel. Of course, other firms are also offering higher compensation nowadays, so we would have to think of a new approach, but I think the direction of this policy is the right one.

Q.7 There are predictions that AI will replace a significant portion of accounting and auditing tasks. What would you say is the unique value that only accountants could have?

AI has already replaced a large share of tasks involving simple accounting and tax-related knowledge. Humans should then focus on two things.

First, developing domain expertise. For example, if you work on bio-industry projects for a long time, you naturally gain knowledge of the industry’s unique characteristics, work processes, and regulatory structures. AI is still limited in its ability to acquire such in-depth domain knowledge.

Second, making comprehensive judgments and taking responsibility. The ability to consider various variables when making decisions and to take responsibility for them remains a human capability. Humans still have significant value in these two aspects until AI reaches the level of superintelligence.

Q.8 In the increasingly uncertain global economy, what are the key values that companies should prioritize?

My answer would be the people. Even in the era of AI, those who operate AI are, in the end, people, and it is also people who can identify new business opportunities.

How did Korea gain the world’s best manufacturing capability while having no claims to Nobel Prizes in the sciences? It is because the people who work on-site are relatively smarter, more responsible, and work more proactively. You can definitely notice this when you travel abroad.

Recruiting good people, fostering them, and providing them with the best possible compensation. The CEO who presents a clear direction, pointing out, “That is the mountain we are climbing,” and boldly investing in it. True achievements can be made when these two solutions are combined.

Q.9 Congratulations on becoming the first President of the new SNU Business School Alumni Association. Please share your thoughts on becoming the first President and your vision for the Alumni Association's future.

It is an honor to be entrusted with this position, which is more than I could have dreamed of, and I feel a great sense of responsibility.

As we go through life, we often find that personal connections can open new doors to success, but it is said that Seoul National University graduates tend to use their alumni networks less than graduates of other universities.

This is the beginning of the Business School Alumni Association, so I plan to focus on providing more networking opportunities for the members of the association.

Q.10 Lastly, is there a point you would like to raise to current Business School students?

“Boys, be ambitious.”

If I could go back to my university days, I would spend much more time studying corporations, industries, capital markets, and geopolitics. Why do oil prices rise when the US is in conflict with Iran? How would the car insurance industry and inner-city parking lots change when AI-driven automotive technology is fully developed? Which regions’ real estate values will rise due to climate change? The ability to understand the principles that govern this world and to predict the future will be the key to success.

I also recommend investing. Research and invest even a small amount of money, then observe what happens. Reading about it in books and experiencing it are entirely different matters.

In terms of content, you should only read material that has been verified. Satisfy your intellectual curiosity with quality content, such as the Wall Street Journal, the Financial Times, and reliable podcasts and YouTube channels.

If you start doing that in your early twenties, you will become a monster by the time you are in your 40s and 50s—a monster who does good for society. I can say this with confidence because I was not able to do so in the past.