Financial management: What should a firm's (educational organisation's) objectives be?

Abstract

The 1988 Education Reform Act (ERA) heralds a brave new world for organisations in the maintained sector of education. In schools, as part of the “Local Management of Schools” (LMS) proposals, responsibility for finance will be added to existing aspects of management. It will demand of senior management increased awareness of and more systematic strategies in the use of money. Universities, polytechnics and institutes and colleges of education will be encouraged to adopt a free‐market approach, competing for students and private cash. The huge expansion proposed for higher education will expect students to take out loans and to use their own money in order to gain further qualifications or to graduate. Many will attend the nearest establishment and live at home: they will not have the benefit of living away from home in a collegiate atmosphere. The reward for all — students and institutions — will be the greater flexibility and creativity that accompanies the easing of external controls.

Citation

Whittaker, J. (1990), "Financial management: What should a firm's (educational organisation's) objectives be?", Management Research News, Vol. 13 No. 3/4, pp. 3-9. https://doi.org/10.1108/eb028068