This follows wider participation by the government in universities and colleges, but comes at a time when such bodies are under severe financial strain.
In this regard, a joint report by the Chartered Institute of Public Finance and Accountancy and the British Universities Finance Directors Group highlighted the enhanced role of FDs and the finance function in supporting these activities.
It said FDs that are part of senior management teams and are qualified accountants were the most effective at managing these responsibilities, but their degree of influence was also determined by their personality and leadership qualities, their professionalism and the way in which the finance function is structured.
Michael Pearson, chairman of BUFDG and finance officer at Loughborough University said: ‘To be really effective, a director of finance must make a positive contribution and be innovative through having the right approach to finding solutions.
‘Full access to the decision making process is key to carrying out the role.’
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