Since the late 1980s, education systems have increasingly moved to allocating funding for general education by means of a per-student formula. The trend started with developed economies and moved to transition and developing economies, where the World Bank has promoted the adoption of per-student funding (PSF). But promoting a particular reform, such as PSF, by including it in a package of sector-specific development projects funded by World Bank grants or loans, and employing local and international specialist staff do not guarantee successful implementation. This paper examines experience with implementing PSF to school level in transition countries, comparing varying degrees of success to date (2013) in Bulgaria, Moldova and Kosovo. The paper considers the dilemmas inherent in designing PSF formulae for schools, how this played out in each of the countries and the reasons for varying success in implementation.