Professor Richard is the former provost of Yale

Professor Alison Richard, the university's first female "chief executive", also said failure to put more money into higher education would have "devastating consequences" for Cambridge.

She took up the post officially on 1 October in a traditional ceremony and is the university's 344th vice-chancellor.

She takes over at a crucial time for universities.

From 2006, the government wants universities to be free to charge tuition fees of up to �3,000 a year.

Bursaries

Critics of the plans say leading universities like Cambridge will be able to charge the maximum rate and will become part of a two-tier system.

Professor Richard says Cambridge's priority is to offer help to more poorer students by improving the university's bursary system.

Only then, she said, could the university consider the level of tuition fees.

In her inaugural speech she said: "Now more than ever, it matters that Cambridge be a community accessible to all people."

"You might interpret this merely as a statement of political expediency at a time of strong government emphasis on increasing the number of talented but disadvantaged students at Cambridge and other leading universities.

"But I care deeply about this issue, not just access for school-leavers coming into the student body but also for women and minorities in the front ranks of scholarship."

Cambridge already has a big bursary scheme and last year gave �4m to students from poor families.

Wrestle

Professor Richard said she welcomed the current debate about funding higher education and tuition fees.

She said Cambridge was running a "modest deficit which is currently projected to grow".

"We have to wrestle this to the ground, support better what we are already doing and make room for new investments.

"I welcome the current national debate about fees and other strategies for financing higher education.

"The greatest danger, in my view, is that of resolving the issues inadequately or not at all, for either would have devastating long term consequences for the world class stature of this university.

"We must participate constructively in the debate and explain clearly what's at stake and we also need to look to our own devices."

Professor Richard has already said she wants to encourage a culture of donations by Cambridge graduates, similar to those enjoyed by many US universities.

Speaking of her return to the university where she first studied anthropology, Professor Richard said: "It is at once exciting and sobering to take up office as vice-chancellor of a university that is nearly 800 years old and a precious national asset.