It points the way to the cockney school (5)
I believe the answer is:
arrow
I believe this is a double definition.
'it points the way' is the first definition.
(I've seen this in another clue)
'the cockney school' is the second definition.
('harrow' - famous UK public school - said with a cockney accent, dropping the 'H')
'to' is the link.
(Other definitions for arrow that I've seen before include "Something pointing" , "Move swiftly" , "Move quickly" , "Weapon projectile" , "Pointed projectile" .)