This study aims to analyze the outcome of principal invitation and public subscription system(PIPSS) using 2009 and 2010 National Assessment of Education Achievement(NAEA) results. Specific themes for this study are followings. First this article compares the characteristics of general public high schools and PIPSS general public high schools. Based on this basic comparison, variables which need to be included in the analysis of the effect of PIPPS on student achievement were selected. Analysis results show that PIPSS high schools show higher rate of new teachers than other general public high schools in 2009, however, vice versa in 2010. PIPSS schools illustrate statistically significant higher rate of teachers with masters degree in 2009 and 2010. Second, PIPSS principals are younger than other principals and show longer experience in current schools. PIPSS school principals also show longer principal and professional experience, while they shows shorter vice principal experience. Third, PIPSS schools have an statistically positive achievement score in reading, math, and English. In sum, PIPSS schools make a positive effect in the progress of student achievement. Thus, increase of PIPSS schools is recommended.