An Exploration of Skills Needed by Principals of Teacher Training Colleges in Kenya to Succeed in Financial Management

Abstract

Financial management in teacher training colleges is a concern today because of the immense resources vested in these colleges by the stakeholders. Prudent financial management calls for colleges headed by principals who have acquired relevant knowledge skills and attitudes in financial management. Financial management skills may be acquired through training/ learning or experience. The skills acquired through training should be demonstrated in practice by carrying out the relevant tasks. This study was intended to explore the current state of financial management skills and to make recommendations on the type of financial management skills training required. This study used a mixed methodology approach to collect and present data. Mixed research method, combine elements of qualitative and quantitative research approaches for the purpose of breadth and depth of understanding and collaboration. A sample of eleven colleges was chosen out of the twenty one (21) public primary teacher training colleges in the country. Random sampling, purposive and stratified techniques were used in selecting the respondents for the study. The qualitative and quantitative data were collected concurrently by use of questionnaires, interview schedules and document analysis instruments on finance management. This helped to determine if there was a pattern evident in the data. Comparison of the two data provided valuable information thus enriching the descriptive reporting of the data.  The study confirmed that most primary teacher training colleges’ principals had limited financial management skills

Keywords: Finance management, principal, accounting and budgeting, auditing, expenditure management, Kenya Education Management Institute (KEMI), In-service trainings (INSETS)