Hire a Fractional CFO
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Hiring Guide

Hire a
Fractional CFO

Complete guide to finding, vetting, and hiring the perfect fractional Chief Financial Officer for your business.

2-4 Weeks
To Hire
90 Days
To Impact
100+
Candidates
Browse CFO CandidatesSee Hiring Process
Photo: Amy Hirschi
5-10
Candidates to Interview
3-6 Months
Minimum Engagement
£800-1.5k
Day Rate Range
30 Days
Standard Notice

Industry Resources

Sourcing

Where to Find Fractional CFOs

Six proven channels for finding pre-vetted, experienced fractional finance leaders.

🎯

Fractional Job Boards

Platforms like Fractional.Quest with pre-vetted fractional executives actively looking for engagements.

Pros:
Pre-screened candidates, fast matching, transparent rates
Best For:
Companies wanting quality candidates quickly
💼

LinkedIn Search

Search for CFOs using hashtags #FractionalCFO, #PortfolioCFO, or "Fractional CFO" in titles.

Pros:
Large pool, direct outreach, can research background
Best For:
Companies with time to source and screen
🤝

Fractional Executive Networks

Agencies and networks that match companies with fractional finance leaders.

Pros:
Curated matches, support through process, quality guarantee
Best For:
Companies wanting managed recruitment
🌟

VC & PE Referrals

Ask your investors, advisors, or board members who they've worked with.

Pros:
Trusted recommendations, investor-approved, proven with similar companies
Best For:
VC/PE-backed startups with investor networks
📊

Accounting Firm Networks

Big 4 alumni networks, FD/CFO communities, and professional associations like ICAEW.

Pros:
Qualified professionals, strong financial foundations
Best For:
Companies needing technical accounting expertise
🎤

Finance Conferences

Attend CFO conferences, finance leadership events, or industry-specific meetups.

Pros:
Meet in person, assess cultural fit, network effect
Best For:
Companies attending conferences anyway

Pro Tip: Use multiple channels in parallel. The best fractional CFOs are often working with 2-3 companies and may not be actively looking—referrals help you reach them.

Evaluation Criteria

What to Look For in a Fractional CFO

Not all experienced finance professionals make good fractional CFOs. Here's what separates the best from the rest.

1. Company Stage Experience

Have they worked with companies at your stage? A CFO from a FTSE 250 company won't know how to manage cash at a seed-stage startup. Look for experience with companies 1-2 stages ahead of yours.

✅ Look For

Experience at similar stage companies, relevant fundraising experience, understanding of your growth phase

🚩 Red Flag

Only worked at large corporations or never managed a growing company finances

2. Industry & Business Model Expertise

Do they understand your industry's financial dynamics? SaaS metrics differ from manufacturing or services. Ensure they speak your language—MRR, LTV:CAC, burn rate, gross margin.

✅ Look For

Experience in your industry, knowledge of relevant KPIs, understanding of your business model

🚩 Red Flag

No experience in similar business models or industries

3. Fundraising & Investor Relations

If you're raising capital, have they supported fundraises before? Great fractional CFOs can build investor-ready financial models, data rooms, and present to investors alongside founders.

✅ Look For

Track record of successful fundraises, investor presentation experience, data room management

🚩 Red Flag

Never supported a fundraise or lacks investor communication skills

4. Financial Modeling & Forecasting

Can they build sophisticated financial models? Beyond basic P&L, they should create scenario models, runway forecasts, unit economics analysis, and board-ready reporting.

✅ Look For

Strong Excel/modeling skills, scenario planning experience, board reporting examples

🚩 Red Flag

Can't demonstrate complex modeling work or relies solely on accountants

5. Strategic Finance vs Accounting

Are they a strategic partner or just a bean counter? Great CFOs influence strategy, not just report on it. They should challenge assumptions, identify opportunities, and drive decision-making.

✅ Look For

Examples of strategic input, business partnership mindset, beyond-the-numbers thinking

🚩 Red Flag

Purely backward-looking, only focused on compliance and reporting

6. Fractional Working Model Fit

Do they know how to work fractionally? This requires discipline, clear communication, and asynchronous collaboration. Ask how they manage multiple clients and make impact in 2 days/week.

✅ Look For

Works with 2-4 companies currently, systems for time management, clear communication cadence

🚩 Red Flag

First fractional engagement or working with 6+ companies (spread too thin)

Interview Guide

Interview Questions to Ask

These questions separate strategic CFOs from bookkeepers.

💰 Financial Strategy Questions

  • "Walk me through how you managed cash flow during a challenging period."
    Listen for: Proactive planning, scenario modeling, decisive action
  • "How do you approach financial forecasting? What's your process?"
    Listen for: Driver-based models, scenario planning, regular updates
  • "Tell me about a time you identified a financial risk before it became a problem."
    Listen for: Proactive monitoring, early warning systems, decisive action
  • "How do you ensure financial data drives better business decisions?"
    Listen for: Beyond reporting, strategic insights, business partnership

📈 Fundraising & Investor Questions

  • "What's your experience supporting fundraising rounds?"
    Listen for: Data room management, investor presentations, term sheet negotiations
  • "How do you prepare financial models for investor due diligence?"
    Listen for: Cohort analysis, unit economics, defensible assumptions
  • "Tell me about managing board reporting and investor relations."
    Listen for: Clear communication, proactive updates, relationship management
  • "How do you think about runway and when to start raising?"
    Listen for: 12-18 month runway thinking, market timing, milestone planning

👥 Leadership & Team Questions

  • "How would you structure our finance function? What roles are needed?"
    Listen for: Stage-appropriate team structure, clear hiring priorities
  • "How do you work with bookkeepers, accountants, and auditors?"
    Listen for: Clear delegation, quality oversight, vendor management
  • "How do you collaborate with other executives and founders?"
    Listen for: Business partnership mindset, challenging constructively
  • "How do you stay effective working 2 days/week vs embedded full-time?"
    Listen for: Async communication, clear frameworks, delegation
Process

The Fractional CFO Hiring Process

From first conversation to start date in 2-4 weeks.

1

Brief

Tell us about your needs, company stage, and what you're looking for in a fractional executive.

2

Match

We curate a shortlist of pre-vetted fractional executives who match your specific requirements.

3

Meet

Interview your top candidates. We handle scheduling and provide interview frameworks.

4

Start

Your fractional executive begins within days. We support onboarding and ongoing success.

Timeline Breakdown

Week 1: Define & Source

  • • Define financial requirements (Day 1-2)
  • • Post on job boards, ask for referrals (Day 2-3)
  • • Review candidates, shortlist 5-10 (Day 4-7)

Week 2-3: Interview & Select

  • • First-round interviews (45-min calls)
  • • Second round: modeling exercise or deep dive
  • • Reference checks (2-3 calls)
  • • Make offer and negotiate terms

Week 4: Onboard & Start

  • • Contract signing and admin setup
  • • Share financials access, systems, docs
  • • First week: financial audit and review
  • • Begin forecasting and planning work

First 90 Days: Deliver

  • • Month 1: Financial audit, quick wins, reporting
  • • Month 2: Forecasting, board deck, processes
  • • Month 3: Strategic initiatives, hiring plan
  • • Decide to extend or part ways
Contracts

Contract Terms & Structure

Standard terms for fractional CFO engagements.

Standard Contract Template

Engagement Model

  • Day rate: £800-£1,500 per day (based on experience)
  • Commitment: 1-3 days per week (specify exact days)
  • Monthly retainer option: £3,500-£6,000 for predictable billing

Term & Notice

  • Initial term: 3-month trial period
  • Renewal: Auto-renew to 12-month rolling contract after trial
  • Notice period: 30 days either side (standard)

Scope of Work

  • Responsibilities: Financial strategy, forecasting, board reporting, investor relations
  • Deliverables: Monthly financials, board deck, forecasts, cash flow management
  • Exclusions: Day-to-day bookkeeping (unless scoped), tax filings

IP & Confidentiality

  • IP ownership: Company owns all financial models and documentation
  • Confidentiality: Standard NDA terms, survives termination (critical for financial data)
  • Non-compete: Usually not applicable (fractional works with multiple companies)

Optional: Equity

  • Advisory shares: 0.25-0.5% for long-term engagements (12+ months)
  • Vesting: Quarterly or annual vesting
  • Cash reduction: If equity included, day rate may reduce 10-15%
Investment

Cost Comparison: Fractional vs Full-Time vs Accounting Firm

Understand the total cost of each CFO hiring option for your business.

Cost FactorFractional CFOFull-Time CFOAccounting Firm
Annual Cost£80k - £150k£180k - £320k£120k - £300k
Days per Week2-3 days5 daysProject-based
Notice Period30 days3-6 monthsContract end
Employer NI/BenefitsNone£35k - £60kNone
Equity RequiredOptional (0.25-0.5%)0.5-2%None
Time to Hire2-4 weeks3-6 months1-2 weeks
Strategic InputHigh (embedded partner)HighLimited (compliance focus)
Best ForScale-ups needing strategic financeLarge orgs with complex financeCompliance and reporting only

Sources: Glassdoor UK, ICAEW Salary Survey, Market research

Find Talent

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Frequently Asked Questions

Typically 2-4 weeks from first conversations to start date. This includes: defining requirements (1-3 days), sourcing candidates (3-7 days), interviews (1-2 weeks), and onboarding (1 week). Much faster than the 3-6 months required for full-time CFO recruitment.
Five main sources: (1) Fractional executive job boards like Fractional.Quest with pre-vetted candidates, (2) LinkedIn using hashtags like #FractionalCFO or #PortfolioCFO, (3) Fractional executive networks and agencies, (4) Referrals from VCs, founders, or accountants, (5) Finance communities and professional associations.
Five key criteria: (1) Relevant experience at your company stage (seed, Series A, PE-backed), (2) Industry expertise matching your sector, (3) Proven track record with fundraising, M&A, or exits if relevant, (4) Strong financial modeling and forecasting skills, (5) Cultural fit and ability to work fractionally with your team.
Day rates range from £800-£1,500 depending on experience. Most engagements are 1-2 days per week (£3,500-£6,000/month retainer) or 2-3 days per week (£80,000-£150,000 annually). This is 40-60% cheaper than full-time CFOs who cost £150,000-£280,000+ with benefits and equity.
Start with a 3-month trial period with 30 days notice either side. After the trial, extend to 12-month rolling contracts. Key terms: day rate or monthly retainer, expected days per week, notice period (30 days standard), IP ownership (company owns all work), confidentiality, and scope of responsibilities.
Yes, many companies do this as they scale. Common transition points: Series B fundraising, hitting £10M+ ARR, or preparing for acquisition. Discuss this upfront—most fractional CFOs are open to conversion if the timing and equity package make sense.

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Related Resources

Explore more fractional executive hiring guides and resources

Hire a Fractional CFO | UK Guide | Fractional Recruitment Agency