Funding and finance
- Vitae Researcher Development Framework 2010
descriptors C3.1, C3.2 - Vitae RDF 2025 3.1; 3.2
Generating income, managing finances, and leveraging resources for research
Understanding how research is funded, effectively managing finances, and maximising the use of available resources are crucial skills for researchers.
This guide explores the key elements of income and funding generation, financial management, and infrastructure and resource utilisation to help you develop these capabilities and advance your research career.
Income and funding generation
Successfully obtaining funding is a cornerstone of research careers. It involves identifying opportunities, building your track record, and navigating the funding landscape.
Know the funding landscape
- Research the main funding bodies in your field, including government agencies, charities, and industry organisations.
- Explore your institution’s access to funding databases and use them to identify opportunities tailored to your career stage.
- Attend visits or events by funding bodies to stay updated on their priorities and funding calls.
- Subscribe to your institution’s updates on funding opportunities and application procedures.
Build your track record
- Start small: Apply for travel grants or collaborate on larger grants as a co-investigator.
- Strengthen your CV with first-author publications, awards, conference presentations, and collaborative research experience.
- Participate in mentoring or supervising activities to showcase leadership and research development skills.
Know what’s involved
- Learn from colleagues with successful funding applications and review sample proposals from different funders.
- Plan ahead, as the process from application to project start can take over a year.
- If you manage others, help them develop funding skills by sharing your expertise.
Financial management
Managing research funding effectively is key to ensuring smooth project delivery and meeting funder requirements.
- Familiarise yourself with the financial reporting expectations of your funder and your institution.
- Balance multiple funding sources, each of which may have unique reporting and budgeting standards.
- Set up periodic budget reviews to avoid surprises during reporting.
- Consider using financial planning software for complex or multiple budgets.
- Seek training in financial management for research. Many institutions offer courses tailored to this need.
- Volunteer for financial management roles within groups or projects to gain hands-on experience.
- Broaden your perspective by engaging in internships, consultancy work, or collaborative projects outside academia. These opportunities deepen your understanding of financial management in different contexts.
Infrastructure and resources
Funders want assurance that your research will take place in an environment with the necessary infrastructure and resources.
- Assess what resources (e.g., data sets, equipment, facilities, expertise) are essential for your project.
- Investigate institutional databases or networks to locate available equipment and facilities.
- Partnerships can provide access to shared resources and infrastructure, as well as expand the scope and impact of your work.
- Learn about procurement policies and procedures for purchasing research equipment.
- Factor in all costs associated with equipment, including installation, maintenance, and running expenses.
- Be prepared to demonstrate how your institution’s existing resources will enhance the success of your project.
- Explore opportunities to share facilities or equipment with collaborators to optimise funding use.
Key takeaways
- Developing a strong understanding of funding generation, financial management, and resource utilisation can greatly enhance your research career. By proactively building your track record, honing your financial skills, and leveraging available infrastructure, you’ll be well-prepared to navigate the competitive landscape of research funding and delivery.
- Take the initiative to explore funding opportunities, manage resources effectively, and seek support from institutional experts. These efforts will not only strengthen your research projects but also position you as a resilient and resourceful researcher in the long term.