Financial Management and Control in Higher Education

Financial Management and Control in Higher Education

Financial Management and Control in Higher Education

Financial Management and Control in Higher Education


This book explains the key issues in finance and management in higher education and provides practical guidance. It is a professional handbook, authoritative and comprehensive enough for accountants yet written in an engaging and accessible style that will be understood by professionals who do not have a background in finance. Full of tried and tested case material, examples and useful illustrations, this book considers the latest developments and covers all levels of financial management from the structure of the management of institutions right down to the course level and managing budgets. Financial Management and Control in Higher Education is an invaluable guide for anyone in higher education with a level of financial responsibility, and will be a source of advice that is referred back to again and again.


Not so long ago, universities and colleges of higher education (collectively 'Higher Education Institutions' or 'HEIs') were perceived to be important to the country in terms of their education and research roles, but a niche interest due to the small numbers of institutions and students, and also their relatively low profile among the general public. a description of financial and management control in higher education could have been a fairly slim volume.

The last two decades have brought many changes which have left HEIs not an important but small sector, but important and big. They remain centres for teaching and research but are now recognized as being central to the economy as well. This recognition is reflected in increased public awareness and scrutiny of their finances. Student numbers have also increased significantly, with nearly half the young people in the uk going on to study in higher education.

Along with these changes has come a considerable change in Government policy, including quality inspections, the introduction of undergraduate fees in the mid 1990s following the Dearing enquiry, and the prospect of the introduction of variable fees. Also, there is a new drive for sustainability and full economic costing which will change the landscape of the funding of research.

The growth of the sector has been accompanied by a much greater diversity of activity. There has been a significant growth in its international business, through recruitment of students from overseas and the launching of new ventures based overseas. There has been the growth of technology transfer or 'third leg' activities, of which there may be more to come. There has also been growth in the number of self-financing teaching and research activities funded by sponsors other than the Government.

What this means is that the financing of higher education matters to more people now than it has ever done before, and is also more complex, with more stakeholders involved. HEIs are not businesses, but they certainly need to be more businesslike in the way they conduct their financial affairs.

This volume sets the scene for those with an interest in the finance of HEIs. It covers the ground in a comprehensive fashion and many readers will find material to their benefit in it. Among other examples, the emerging areas of costing and pricing, and of variable fees are described with great clarity. For financial professionals in the sector, there is material on the higher education finance function, and the role of the Finance Director.

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