Why finance professionals should become school governors

Are you a finance professional with expertise in financial planning, auditing or budgeting? If so, your skills are in high demand in the education sector. Schools and trusts are facing significant financial challenges, with 60% struggling to balance their budgets (according to a recent report from the National Governance Association). We know that your expertise could make a real difference. 

Becoming a school governor or academy trustee not only benefits the school or academy trust, but also offers personal and professional development opportunities. In this blog, we explore why finance professionals should consider stepping into education governance to make a difference and develop their skillset.  

(N.B.: below, we refer to both school governors and academy trustees. You can find out more about what each role entails in our blog on School governors and academy trustees: What are the differences?). 

 

Personal and professional development opportunities for finance professionals 

While schools and academy trusts gain immensely from the expertise of finance professionals, an education governance role also offers many opportunities to the volunteer. These include: 

Skill enhancement: Serving as a school governor or academy trustee provides the chance to develop new skills. You will engage in strategic planning, leadership, and decision-making at a board level, enriching your professional experience. This experience can then be transferred to your workplace and support career advancement. 

Networking opportunities: Joining a school or academy trust’s governing board allows you to connect with other professionals from various fields. These connections can open doors to new opportunities and collaborations in your career. 

Community impact: Becoming a school governor allows you to give back to the community. You’ll have a direct impact on the education and lives of young people, contributing to their growth and future success. Undertaking a role as an academy trustee, potentially spanning a variety of geographies, further expands the potential for affecting change across locations and communities. 

Broader perspective: Working within the education sector offers a new perspective on societal challenges and the importance of education. This broader view can enhance your professional insights and inform your approach to work in your primary career.

 

The importance of financial professionals’ expertise in schools and academy trusts 

Schools and trusts operate with tight budgets and significant financial scrutiny. As public funding fluctuates, effective financial management becomes critical. Finance professionals bring a wealth of knowledge that can help schools optimise their resources, ensure financial stability, and make strategic investments.  

Budget management: Schools need to spend funds wisely, while providing quality education and provision. Finance professionals excel in creating and managing budgets, in addition to ensuring that funds are allocated efficiently to support student outcomes. 

Financial planning: Long-term financial planning is essential for schools to remain sustainable. With expertise in forecasting and financial analysis, finance professionals can help schools or trusts plan for the future, ensuring they are prepared for any financial contingencies. 

Audit and compliance: Schools and trusts are subject to rigorous audits and compliance requirements. As a school governor or academy trustee, finance professionals can ensure that schools meet all regulatory requirements, reducing the risk of financial mismanagement. Similarly, this ensures transparency. 

Strategic investment: Finance professionals can guide schools in making strategic investments, whether in technology, infrastructure, or educational programs. Their insights can help schools make decisions that yield the best return on investment, directly benefiting students. 

Crucially, while an individual with financial expertise may bring a wealth of knowledge and experience from their professional background, the responsibility for this – like all other areas of school or trust governance – sits across all individuals on the governing board/s. You can find out more about how we support school governors by reading our blog. 

 

Should I use my financial expertise in a school governor or academy trustee role? 

Financial expertise is a skill needed at all levels of education governance. However, deciding on whether to take on a school governor or academy trustee role is often dependent on your experience, and personal preference.

If you’re just starting out in your career, you might consider a school governor role over an academy trustee position. Usually, academy trusts are looking for strategic leaders. Many of these leaders will possess pre-existing board-level experience, or evidence of working in corporate or charity governance, with responsibility for multi-site and/or complex arrangements. This is because academy trustees oversee larger, multi-million-pound budgets. They’re also responsible, usually, for many schools, buildings and other infrastructure across an academy trust. You can find out more in our blog on School governors and academy trustees: What are the differences? 

 

Hear from finance professionals currently in role…

You can hear more from current school governors by listening to the Governors for Schools Podcast. In our ‘Using your finance skills in a school governor role’ episode, we speak to Alex Marsh – formally the UK CEO of Klarna and co-founder of Charterpath – about his school governance journey.

Or, as one school governor in North London shared with us, their governance role has become an invaluable extension of their professional expertise:

… I use a lot of my day to day role in my governance work as I sit on the finance and resources committee and so look at different financial statements prepared by the school. I also monitor current and future budgets to ensure these are reasonable, there aren’t any emerging issues and I benchmark our spending against other schools in terms of costs. I have an ACA so this work has been really helpful – I hadn’t been using this knowledge much in my (professional) role and so it has been great to keep these fresh in my mind. I’m moving into a more finance focused role and so am feeling very ready for the transition.

   

Taking the next step and making a difference in education 

By volunteering as a school governor or academy trustee, you can make a meaningful impact on education. You’ll also enhance your own professional and personal growth. If you’re ready to step up and make a difference, we’re here to help.

You can find out more about becoming a school governor by visiting our about the role page or apply via our school governor application form. For prospective academy trustees, you can find out about becoming an academy trustee or apply now.