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Also it would push you to improve on your time if you actually are determined to grind the Academy.
Practice sessions don't give any money, but there are expenses.
AI races don't give much, but I've mostly done quick 5-7 lap races. Maybe longer races / different classes / harder AI difficulty give more?
I haven't done any of the special events lately to see if those pay out.
All the events except failed Academy runs grant XP, and there seems to be a payout at level increases.
Luckily I've got most of the more expensive cars at the moment, but with more content coming I fear my funds will dry up soon.
Update: Tried testing by doing the special event with the Porsche at Bathurst and two AI races at Brands and none of them gave me anything as supposedly "my statistics would be updated later". At least they didn't cost me anything...
23 cars
15 laps
min. 90% AI strength.
higher strength = more cash.
But you will need to be on the TOP 3 for a profitable reward, I think. That's what I tested yet.