Sarah Haynes told the crowd of teachers, students and parents at Ravenswood School for Girls she felt "hurt and betrayed" by the school as is it was increasingly driven by financial concerns and protecting its image.
"I don't know how to run a school but it seems to me that today's schools are being run more and more like businesses where everything becomes financially motivated," she said.
It costs around $NZ32,000 a year to attend the elite school.
Her 13-minute speech was filmed and posted on YouTube where it has since gone viral.
She said she chose to speak honestly in her final speech as she would have felt "insecure if I had to get up here today and pretend that I still love everything about this school when so many know that I don't.
"For a large part of this year I was hurt, betrayed and very much began to hate certain things and people in this school."
She said if the school can't admit it isn't perfect then how can they expect young girls to realise perfection is unattainable.
"The person who doesn't make mistakes is unlikely to make anything."
"I am far from a model student," she declared.
"I have been kicked out of geography class ... I have had a detention, I have said things I shouldn't have, I have hurt people who didn't deserve it, I have even had my skirt above the patella.
"These aren't things to be proud of and they aren't things to look up to but they certainly aren't things to be ashamed of. They are things to learn from. And school is all about learning.
"The only dangerous thing about mistakes, which I think Ravo might have lost sight of this year, is being able to recognise and admit to them."
Miss Haynes said that during her time as School Captain her speeches were censored by staff and as a result she wrote two versions of this speech.
Mark Webb, chairman of the school's council told Fairfax: "Girls have the right to express their individual opinion."
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