In the first piece in this series, we looked at how the academy trust CFO role has changed. The latest Academy Trust Handbook (effective from 1 October 2026), which sets out expectations for how trusts manage their finances, has added new detail on qualifications and experience for CFOs.
Boards often ask whether a great CFO needs a professional qualification, or whether experience is just as valuable. We put this to our partners at Edufin, who work with academy trusts across the country on financial strategy, operational efficiency and leadership support. They shared what separates strong CFOs, regardless of how they got there.
Is qualification or experience more important?
This has been a consideration for many years, but is now more prevalent with the Academy Trust Handbook changes. We don’t believe there’s a single right answer. Both qualification and experience have an important part to play.
Professional qualifications provide a recognised benchmark of technical knowledge and competence. They can give trustees confidence that someone has developed a broad understanding of areas such as financial reporting, governance and risk and assurance; including aspects they may not encounter every day in their current role. That breadth of knowledge can become increasingly valuable as trusts grow and become more complex.
At the same time, experience counts for a great deal. Some of the most capable finance leaders we’ve worked alongside have developed their expertise through years of working in academy trusts. They understand the sector inside out, have excellent judgement and have built strong relationships that enable them to support effective decision-making.
For us, it isn’t really about choosing one over the other. The role of a CFO is incredibly broad, and no single qualification or career path can provide everything. Professional study develops technical knowledge, whilst experience develops judgement, leadership and the ability to apply that knowledge in the real world. Both are valuable.
The Academy Trust Handbook does indicate the direction of travel for larger trusts, with an increasing expectation that newly appointed CFOs will hold an appropriate professional qualification. We can understand why that expectation has developed, particularly given the increasing scale, complexity and public accountability of academy trusts. Equally, we think it’s important to recognise that there are experienced finance leaders already working in the sector who have demonstrated over many years that they are more than capable of fulfilling the role successfully.
Perhaps the more important question is not how someone reached the role, but whether they have the knowledge, skills and support to carry it out effectively. In practice, the strongest CFOs are those who skill assess themselves and ensure they have any gaps in knowledge or skill set filled by others around them, plus ensure there is a key focus on continued CPD for themselves and their team.
How do CFO’s backgrounds shape the way they lead?
One thing we’ve learnt over the years is that there isn’t a single route to becoming an effective CFO. People bring different experiences, different strengths and different perspectives to the role.
CFOs from a qualified finance background often have a strong technical foundation. That can give them confidence when developing financial processes, interpreting complex financial information and providing assurance to trustees. They will often have experience from outside the academy sector too, which can bring fresh thinking and different approaches.
On the other hand, those who have progressed through operational or school business roles often have an incredibly strong understanding of how schools work day to day. They understand the practical challenges faced by headteachers and school leaders because they’ve often experienced them first hand. That can make it easier to build relationships and ensure financial decisions support educational priorities.
We’ve seen outstanding CFOs from both backgrounds and conversely, some that have really struggled. What tends to make the biggest difference isn’t where they started, but their willingness to keep learning, to recognise where they need support and to build on their existing strengths.
Perhaps the trend we’ve noticed is that the role itself is becoming more rounded. Technical financial expertise, operational understanding, leadership, governance and strategic thinking are all becoming increasingly important. No single career path provides all of those skills from day one, which is why the most effective CFOs are those who continue to learn, adapt and evolve.
Read more: Leading without authority: How influence shapes real leadership
How can trusts support a CFO without a qualification?
We think the starting point is recognising that appointing someone without a professional qualification doesn’t mean they’re starting from scratch. Many CFOs have built significant knowledge and experience over many years and bring real strengths to the role.
That said, where there are gaps in technical knowledge or experience, trusts should be proactive in helping people develop. That might mean working towards a professional qualification, but it could equally involve mentoring, coaching, networking with other CFOs or targeted professional development in specific areas. It could also be as simple as backfilling that element with additional resource if the person is otherwise the right fit for the role.
We’ve always found that having someone to talk things through with can make a huge difference. Moving into a larger or more complex trust can feel quite isolating, particularly when you’re the only person in that role. Having access to an experienced mentor or a supportive peer network gives people the opportunity to test ideas, ask questions and learn from others who have faced similar challenges.
For boards, we think it’s important to view development as an ongoing investment rather than something that’s only needed when a gap is identified. The role continues to evolve, so all CFOs, whether qualified or not, need opportunities to keep developing their knowledge, broadening their experience and reflecting on new challenges as they arise.
Ultimately, we don’t think this is about creating a distinction between qualified and non-qualified CFOs. It’s about making sure you have the right person for your trust, with the right skill set and expertise required for the role your trust needs. Support and training can be provided if identified from the outset, so ensuring you have a robust recruitment process for any new appointment is key.
Read more: How to overcome imposter syndrome when starting a new role
Qualification gives boards a recognised benchmark. Experience gives CFOs judgement and sector knowledge that no qualification can teach on its own. Trusts that build support around whichever gap exists, rather than treating one path as the only credible one, put their CFOs in a stronger position to succeed. In the next piece in this series, we look at what boards need to understand about the CFO role as trusts grow, and what they should expect from their finance leaders going forward.
EduFin is an education finance specialist, working with academy trusts across the country on financial strategy, operational efficiency and leadership support. Their services span consultancy, outsourced finance, audit assurance, due diligence and CFO mentoring, alongside financial software built specifically for the sector.
Eddie Caveziel Cox is Peridot’s Head of Schools & Academy Trusts Appointments. Having delivered hundreds of senior leadership and non-executive appointments to education providers, Eddie is an expert in finding leaders who make a tangible impact on communities.
