Enrollment Strategies for CFOs
Chief Financial Officers (CFOs) play an increasingly vital role in driving enrollment revenue and ensuring long-term financial sustainability—particularly in Christian higher education.
By engaging deeply with the financial levers behind student recruitment, retention, and program performance, CFOs can help their institutions make smarter budget decisions and more strategically position themselves in a competitive market.
At the 2025 ABACC Conference, my colleague Stuart Spires and I had the privilege of sharing our session, The Top 10 Ways CFOs Can Impact Enrollment Revenue. Below are key highlights from our presentation, including strategic actions CFOs can take to lead enrollment-driven financial growth on their own campuses.
1. Optimize Net Tuition Revenue
Understanding and regularly assessing net tuition revenue per student is foundational. It should inform budget development, aid packaging strategies, and institutional pricing models. Your financial aid policies must be reviewed regularly to ensure aid is dialed to deliver the greatest enrollment and financial return, meaning you are not giving away too much or too little.
2. Steady Leadership and Vision
In times of uncertainty, consistent leadership matters. Understand that high turnover in enrollment leadership can lead to loss of institutional knowledge and continuity. Determine the key positions within senior and middle management, fund those positions sufficiently, and encourage professional development.
3. Partner Closely with Your Chief Academic Officer (CAO)
Academic offerings drive enrollment. Strategic collaboration with your CAO can lead to program investments that align with student demand and financial viability. While expanding programs or adding modalities can grow revenue, CFOs must weigh these decisions against long-term sustainability and cost.
4. Find the Right Fit—Athletically
Athletics can support enrollment growth, but not always in the ways institutions expect. A recent Urban Institute study revealed that over 50% of small colleges experienced enrollment growth without additional investment in athletics. Athletics can diversify your student body, but starting or expanding programs requires major investment—facilities, staff, scholarships—which must be weighed carefully against expected return.
5. Ensure Accurate and Timely Data Management
Can you trust your data? Without reliable reporting on enrollment trends, financial aid performance, and student retention, your ability to make timely budgetary decisions is compromised. CFOs should advocate for integrated data systems and invest in analytics to support proactive planning.
6. Prioritize Recruitment in Budget Allocation
Admissions and recruitment are revenue-generating functions, not cost centers. A 2023 NACCAP survey showed its Christian member institutions spent an average of $4,937 per recruited student. Understanding cost-to-recruit metrics can help institutions set realistic enrollment targets and appropriately allocate resources to the most effective recruitment channels.
7. Know the Difference Between Realistic vs. Reach Goals
It’s critical to ground enrollment projections in historical performance, market realities, and data—not just aspirations. Overly optimistic goals can lead to budget shortfalls, while too-conservative projections may limit investment in high-potential areas. CFOs can guide leadership toward the right balance.
8. Understand How Capital Expenses and Deferred Maintenance Affect Enrollment
The condition of your campus influences prospective students’ decisions. Aging infrastructure, deferred maintenance, or under-resourced facilities can negatively impact the student experience and enrollment yield. CFOs should consider how facility investments—or lack thereof—factor into recruitment and retention. Consult closely with your VPE in how to best showcase your institution.
9. Fund the Student Experience
Beyond academics and athletics, today’s students expect a holistic campus experience. That includes mental health resources, co-curricular programming, career development, and campus ministry—especially in Christian colleges. Investing in student well-being and engagement not only improves retention but reflects the mission-centered values students and families seek.
10. Embrace Third-Party Partnerships When They Make Sense
Outsourcing doesn’t mean losing control—it can mean broadening capacity. Whether it's enrollment marketing, financial aid optimization, or IT infrastructure, third-party providers can offer scale, expertise, and innovation that smaller institutions may struggle to build internally. CFOs can lead the charge in evaluating vendor partnerships that enhance both efficiency and outcomes.
Final Thoughts
Enrollment growth is no longer just an admissions issue—it’s a campus-wide imperative. For CFOs, this means taking a more strategic, integrated role in decisions that shape the student lifecycle. By aligning budget priorities with institutional mission and enrollment strategy, CFOs can help Christian colleges navigate a complex landscape while staying true to their faith-based calling.
If you want to discuss how you might implement these strategies on your campus, reach out and we will be happy to discuss your goals and challenges.
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