It’s something that’s been bubbling under the surface for a while, and it’s time to pull back the curtain and let you in on what’s really happening behind closed doors. If you thought the schools around you have their finance function on lock, well, think again. We’re seeing finance staff leave the school sector in droves. But where are they going? And how are some schools keeping their finance functions running like a well-oiled machine — while others are drowning? We went digging — and what we found is reshaping the conversation around school finance. Here’s the full report.
What they’re not telling you about filling your finance positions
It happens to every school eventually. You have an open slot for a position in your finance role. Depending on the size and complexity of your school, this role could range from a high-level Head of Finance position to a more administrative or finance support role.
You turn to your usual channels. You give SEEK a crack. Email your community. Start posting on socials about the open position. Surely someone out there knows someone who’ll be perfect for the role.
Weeks go by, no one responds. Mistakes begin appearing in your records, payslips and invoices. You know you don’t have much time to fill the position before things really start to go South.
So, you fall back on your old reliable school recruitment agencies. Sure, they take a hefty commission for filling the position, but in return you’ll get direct access to a mysterious pool of the best and brightest candidates who will perfectly fit your needs.
But here’s the kicker: it’s not working.
The supply shortage no one’s talking about
For weeks, we’ve been quietly investigating the school recruitment world, particularly when it comes to finance professionals. I know, it sounds like an obscure topic, but trust me, this is where the cracks are beginning to show, and it’s time someone blew the whistle.
It’s no secret that the education sector is doing it tough. The job market is tight. Schools are competing with each other, with the private sector, and with government jobs for a very small pool of quality candidates. And what happens when the demand far outweighs the supply? Well, recruitment agencies get desperate.
Instead of vetting candidates carefully, agencies are filling positions with anyone they can. I’ve seen it firsthand: people with little to no experience in schools being pushed into roles where they’re completely out of their depth. It’s almost as if having a somewhat relevant work experience is enough to convince the agency that the candidate is suited for the role. But the reality is far different.
The big impact on local schools
So. What happens when poorly qualified candidates are quickly stuffed into a highly specialised role? Disaster.
The entire finance function falls behind. Systems become jumbled. Financial reports are delayed. Budgets are blown. I’ve even heard reports of schools facing audits, with serious discrepancies on their books, or financial reports delivered to boards for decision making when the data is absolutely minced — all because they had to scramble to fill a position.
And it’s not just the financial health of the school. Off the record, our whistleblowers claim that the pressure is spreading outside of the finance department. Teachers, admin staff, support staff… even suppliers, can feel the strain of missed payments, delayed reimbursements and the constant scramble to fix mistakes.
In short, it’s not a leap to say that getting your finance function right is crucial to your school community’s health.
An unexpected hero emerges from the chaos
Here’s where it gets even more interesting.
As we spoke with school after school stuck in the resign-recruit-retrain cycle, an unlikely champion appears: the virtual finance manager. In short, a team of financial experts, poised to swoop in and save schools from allowing their finance systems to fall into disrepair.
In the past, virtual finance managers (or VFMs) were primarily used when smaller schools didn’t have the budget or need to employ a permanent finance team. But now, I’m seeing schools of all sizes and prestige call on VFMs as soon as they lose a crucial staff member.
Once the pressure of finding the right person is lifted, these schools are able to conduct a proper, high-quality recruitment process — without sacrificing their financial oversight in return. We spoke to many budget-conscious schools who reported that the cost of outsourcing was surprisingly low when compared to the cost of employing in-house staff. Not only that, but many noted that they were able to access a depth of financial expertise, which allowed them to sort out deep-rooted problems they’d been battling for years.
In fact, many schools are finding that outsourcing is working so well, they don’t even need to recruit anymore. But if the right person for a permanent role does come along? We observed the VFMs managing the transition, eliminating the need for extensive training or clunky handovers.
A new reality in school finance recruitment
The reality is clear: the traditional approach to school finance recruitment is broken. Schools that cling to it are setting themselves up for ongoing stress, inefficiency and financial risk.
But there’s another way. By embracing outsourced financial expertise through partners like Cole School Experts, schools can regain control, ensure stability and finally put an end to the cycle of desperate hiring.
Our prediction? Schools that adapt now will be the ones that thrive — while those who wait will continue to struggle. The choice is simple: keep fighting a losing battle, or step into a smarter more sustainable future.
It’s not too late.
