How to use financial benchmarking

Get a handle on how to use the DfE's financial benchmarking website. See how your school compares with others and understand how to ask your school business manager the right kinds of questions.

updated on 17 January 2023
School types: All · School phases: All
Ref: 36698
Contents
  1. What is financial benchmarking?
  2. Use the benchmarking site to give yourself an overview
  3. Conduct a benchmark comparison
  4. Prepare your questions
  5. Arrange to discuss your questions with the SBM
  6. Prepare for your next meeting

This article is for you if you're on the finance committee / you're the finance or data link governor, and you've been delegated responsibility to look in more detail at your school's finances.

Other governors shouldn't need to look at the financial benchmarking website, but might still find this article helpful to understand how the finance committee/link governor carries out this kind of scrutiny.

What is financial benchmarking?

Financial benchmarking is when you compare your school's finances with other, similar schools.

It's crucial data to ask senior leaders about, to hold them to account and to help monitor your school's finances

FFT Education Datalab also has a benchmarking service where you can compare things such as workforce data and income per pupil Academies can also use 'view my financial insights' (VMFI) to compare their data with similar academies Head over to The Hoot to