Across this series, we’ve looked at how the academy trust CFO role has changed and whether formal qualifications are more important than experience. In this final piece, we turn to boards. What do they actually see of the CFO role, and what will they need from their finance leaders as trusts continue to grow?
We put these questions to our partners at Edufin, who work with academy trusts across the country on financial strategy, operational efficiency and leadership support. We also share our own reflections on what this means for how trusts recruit CFOs.
How much do boards really see of the CFO role?
We think the honest answer is that it really depends on the board. Every trust is different, and every board brings its own mix of skills, experience and perspectives.
They also only see a small snapshot of the work undertaken by the CFO and the finance team; as they should, focusing on the strategic.
As we mentioned above, the CFO role rarely stands still. As trusts grow, the role evolves with them. A CFO who was exactly the right fit for a trust of five schools may find themselves doing something very different as that trust grows to twenty or thirty schools. Sometimes Boards recognise that change straight away, and sometimes it’s something that develops more gradually.
We think it’s helpful for boards to step back every so often and ask whether the role is still what the trust needs, not because the current CFO isn’t doing a good job but because the organisation itself has changed. Sometimes that’s about providing additional support or development. Sometimes it’s about strengthening the wider finance team and ensuring there is the right level of capacity. It isn’t necessarily about changing the person. Often it’s about recognising that the role has evolved and what can be done to support that change.
Recently we’ve carried out a significant number of operational efficiency reviews where trusts have recognised their structure may no longer be quite right but they can’t quite pinpoint what’s missing or what needs to change.
It is an important consideration, alongside growth plans, to ensure the correct structure and skill set is in place.
Read more: From schools to MATs: is your board ready? Part one
What will MATs need from CFOs in the future?
We think the role will continue to become more strategic. CFOs are already expected to provide professional advice to trustees and accounting officers, but we can only see that expectation increasing as trusts grow in size and complexity.
Growth brings opportunities, but it also brings additional responsibilities. Whether it’s supporting trust expansion, carrying out due diligence on new schools, planning organisational structures or helping shape long-term strategy, the CFO is increasingly involved in decisions that go well beyond finance.
In our experience, the strongest CFOs are those who can balance technical expertise with commercial thinking and an understanding of the educational priorities of the trust. It’s about helping leaders make informed decisions, ensuring resources are available to deliver those ambitions and thinking ahead rather than simply responding to events.
We can understand why the DfE has placed greater emphasis on professional qualifications. As trusts become larger organisations with significant public accountability, it’s understandable that there is a desire for greater consistency and assurance around the technical aspects of the role.
At the same time, we don’t think qualifications on their own define an effective CFO. As we’ve discussed earlier, experience, judgement, leadership and the ability to build trusted relationships are equally important. The most effective CFOs are those who continue to develop all of those qualities throughout their careers.
One area we think could strengthen the sector is supporting people as they move into larger or more complex roles. Moving from a small trust to a much larger one, or joining the academy sector from elsewhere, can be a significant step. Mentoring, peer networks and access to experienced colleagues can make a real difference during those transitions.
Ultimately, whatever route someone has taken into the profession, the role will continue to evolve. The expectations placed on CFOs today are very different from those of even a few years ago, and we suspect that will continue. None of us has all the answers, and that’s probably no bad thing. Education is constantly changing, and so are the demands placed on those supporting it. The important thing is that we remain open to learning from one another, adapting as the sector evolves and sharing our experience for the benefit of the trusts and communities we serve.
Academy trust CFO recruitment is becoming more strategic
What Edufin describes throughout is that what makes a great CFO is a mix of technical knowledge, sector experience, judgement, leadership and the ability to build relationships across a trust. The strongest CFOs are those who assess their own gaps and make sure the right support and continued development are in place for themselves and their team.
Job descriptions increasingly ask for strategic leadership, organisational influence and the ability to operate at scale. Boards also want evidence of judgement, relational leadership with headteachers and experience navigating growth and complexity.
Qualification is becoming a stronger expectation among larger trusts, though many boards stay open to highly experienced candidates, filling any technical gaps with the right structures and support.
Trusts investing in Heads of Finance or finance business partners are giving their CFOs room to focus on strategy, which means recruitment increasingly has to consider the whole finance function rather than the CFO role in isolation. The trusts we see getting the most from their CFOs also treat mentoring, peer networks and CPD as an ongoing investment.
We think competition for strong CFOs will keep increasing, particularly for those who can handle the scale and complexity of larger trusts. Boards are likely to place growing value on candidates who combine professional qualifications with academy trust experience, and external search and succession planning will probably play a bigger part in how trusts secure that talent.
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.
