The Korea Advanced Institute of Science and Technology (KAIST) is a national research university located in Daedeok Innopolis, Daejeon, South Korea. KAIST was established by the Korean government in 1971 as the nation's first public, research-oriented science and engineering institution. KAIST is considered to be one of the most prestigious universities in the nation. KAIST has been internationally accredited in business education, and hosts the Secretariat of the Association of Asia-Pacific Business Schools (AAPBS). KAIST has 10,504 full-time students and 1,342 faculty researchers (as of the Fall 2019 Semester) and had a total budget of US$765 million in 2013, of which US$459 million was from research contracts.