13 May 2025
This piece was originally featured in Trust Leadership Today’s Spring 2025 issue; a School Management Plus publication.
We have been approached by a number of Chief Executive Officers (CEO) from a range of trusts who are seeking to appoint Chief Financial Officers (CFO); so, for this edition’s Ask the Recruiter feature, Melanie Pye shares some of her insights and expertise to answer questions surrounding how best to recruit a CFO, the key skills required and the value of looking outside the sector.
According to the Kreston UK Academies Benchmark Report 2025, for two years in a row, rises in costs have outweighed income. A multi-academy trust’s biggest cost is salaries, and with the increase in National Insurance and essential maintenance on properties, costs will continue to increase. With cuts in funding and an increased need for SEND provisions, it will be imperative that trust executive teams are creative and broad-minded in their thinking and approach when it comes to income generation and making cost efficiencies.
The role of the Chief Financial Officer (CFO) is critical to the success of not only a trust as a whole but also the financial health of the schools within it. They are responsible for making decisive and relevant business recommendations and decisions, for strategic planning and for budgeting, as well as leading the finance function. They may also have responsibility for other functions within the trust, such as estates and IT. Hiring an experienced CFO demonstrates a commitment to not only student success but also financial excellence and regulatory compliance.
Here are some of the questions we have received:
We are seeking to appoint a CFO to strengthen our trust leadership team; what should we consider while recruiting?
Before going to market, it is important to develop a clearly defined and comprehensive job description which codifies not only the day-to-day responsibilities of the CFO, but also the required skills and qualifications, and the post’s reporting lines. It should also be very clear whether sector experience is an essential criterion for appointing the next CFO.
Internally, the executive team should define the objectives of the incoming CFO and incorporate these into the job brief. These could include what the trust is looking to achieve in the next five years and how the incoming CFO will fit into the strategic plan. Objectives could be around growth or maintaining stability or simply providing quality education to the community – or a combination.
Remuneration should also be carefully considered; trusts could carry out some market research by asking sector peers, reviewing other job descriptions or simply asking a recruiter for advice and guidance. It may be that your budget is tight, but do consider return on investment; a CFO needs to be strategic and often salaries are reflective of their skill set and experience in this respect. Historically, experience was considered the essential requirement.
However, in my opinion, cultural fit has fast overtaken experience in importance, especially when the executive team is relatively small. The successful individual will need to not only collaborate well with the executive team but also their direct reports and at an individual school level. It is important to encourage diversity of applications. Whilst experience of working in education is valuable in terms of funding and the specific nuances surrounding schools, out-of-sector candidates could bring fresh perspectives and innovative ideas and solutions and positively challenge the status quo. The importance of balancing attitude and aptitude with experience cannot be underestimated, especially where a candidate is the best fit culturally.
What is the best way to source a candidate?
Whilst directly advertising on job boards and on TES is often less expensive, it isn’t always time-efficient; so, for a role as business-critical as a CFO, the use of a search consultancy is recommended. The consultancy will be your ambassador; they should gain a thorough understanding of the role and challenge you on your requirements and what you are seeking to achieve from this key appointment. They can connect with a wider pool of candidates, both in and out of sector, and also target those potential candidates who are not actively seeking a new role.
This, in turn, allows for a more diverse and relevant longlist. Fundamentally, the search consultant’s role is not only to save you time but to also find the best candidate for the trust both in terms of experience and cultural fit. experience in line with your strategic plan. Supporting statements also allow out-of-sector candidates to describe any exposure they have had to the education world – i.e. they have been a governor or worked directly with the sector.
What should the interview process look like?
When considering who to shortlist, CVs are important, but supporting statements are essential; they shed more light on a candidate’s personality, allowing them to demonstrate their understanding of the role and whether they have carried out their research and due diligence on the trust itself. If they are not from an education background, can they demonstrate transferrable skills with comparable examples? These could include managing multi-site business streams, applying for funding or relevant. The interview process should be structured yet supportive, allowing the candidates to showcase their skills and fit with the trust. This also allows the executive team to ask behavioural questions designed to assess the candidate’s leadership styles and personal style of engagement, both as a team member and as a leader.
You should also probe on real-life scenarios, giving you an insight into candidates’ decision making skills, how they deal with complex challenges, their approach to problem solving and their ability to making hard decisions. Examples might include ideas to make cost efficiencies and/or strategic and financial planning. If any of the shortlisted candidates are from outside the sector, questions could be asked around funding for education, Ofsted and educational governance. This will provide evidence of their understanding of the sector and their ability to move into education.
After the successful appointment, what should we do next?
The importance of effective onboarding and regular communication cannot be over-stated. When candidates experience a dip in communication post offer, it can create uncertainty or disengagement. Regular contact and invites to key meetings/events during their notice period is important, as it fosters a sense of belonging and involvement and allows them to familiarise themselves with the culture of the organisation before they officially step into the role. This can make the transition smoother. Moreover, it helps the appointee feel that they are already contributing and strengthens their commitment to the role. On their arrival, it is important to set clear expectations. Defining objectives and goals for the first 12 months helps to ensure the appointee hits the ground running and provides a framework for both them and the executive team to measure progress and success.
If you’d like to discuss any of the above, please drop Mel a line at schools@andersonquigley.com.
