South Korea's Securities Analysts Plummet to 1,000 From 1,575; 'No Rating' Reports Double to 13.3% in H1 2026

According to Seoul Economics, South Korea's analyst workforce fell to around 1,000 from 1,575 in 2010, with 'no rating' (N/R) reports surging to 13.3% in the first half of 2026 from 5.7% in 2022. The decline reflects simultaneous pressures: personnel cuts and increased workload per analyst to 20+ reports annually, combined with structural factors including low pay relative to retail and investment banking roles, and absence of institutional protections against corporate and retail investor pressure on negative assessments.

Paralleling labor market shifts, South Korea's retirement fund landscape showed structural change in H1 2026: defined contribution (DC) and individual retirement accounts (IRP) surged nearly 62 trillion won, while defined benefit (DB) plans declined 4.7 trillion won—a first for six-month periods—reducing DB's share to 40.5% from 46.1%. Analysts cited DB's modest 2% annual returns versus DC/IRP's ability to allocate up to 70% in equities, driving preference shifts among new workers.