How to find a part-time CFO: Where to look and what to know

Startups and SMEs with ambitions of growth can often find themselves locked in a catch-22 situation: 

• They need someone to help them raise capital, manage cash flow, forecast growth, and make smarter financial decisions that will take their business to the next level. In other words, they need a Chief Financial Officer (CFO).

• However, they can’t afford a full-time CFO because they haven’t raised enough money or scaled enough revenue — the very things a CFO could help with.

“We can’t grow without a CFO, but we can’t hire a CFO until we grow.”

It’s quite the conundrum. Early-stage startups and small businesses often operate with lean budgets, especially when they’re bootstrapping or working with tight cash flow cycles or razor-thin margins. Meanwhile, a full-time CFO salary can range from £150k to £200k/year (before benefits, bonuses, equity, etc.).

Yet, without a fully formed financial strategy, startups and SMEs risk making expensive mistakes, such as mispricing products or services, mismanaging funds, burning through cash too quickly, or failing to attract investors.

So, what’s the answer? Hire a part-time CFO. That way, you get the high-level financial expertise you need without the full-time cost. 

In this article, we explain how to find a part-time CFO, the skills and qualities they should possess, and the associated costs.

How to find a part-time CFO

Before we share where to look for a part-time CFO, it’s helpful to understand what you’re getting when you hire a Chief Financial Officer.

A CFO is a senior executive tasked with the big picture. Unlike an accountant or bookkeeper, who primarily deal with the day-to-day financial operations of a business, a CFO focuses on tasks such as forecasting, fundraising, managing investments and investor relations, economic risk management, and advising on key business decisions.

In short, this is an experienced strategic leader who works with and reports to the CEO or MD. As such, finding one requires a carefully considered recruitment process.

So, where should you start your search for a part-time CFO?

The first thing you’ll need to decide is if you want a part-time CFO or a fractional CFO. While the terms are often used interchangeably, they mean different things:

• A part-time CFO works a set number of hours per week or month, usually on a regular schedule (e.g., 2-3 days a week). They’re often employees of the company, but can also be contractors. Their role is to cover key CFO responsibilities, like managing the finance team, overseeing reporting, and planning and implementing growth strategies. A part-time CFO is best for ongoing, predictable work as you scale up to a full-time appointment.

• A fractional CFO also works less than a full-time appointment, but they’re more likely to be a contractor/consultant with multiple clients. They divide their time (into “fractions”) across several businesses, usually working in a more strategic, project-based capacity.
  
  While a part-time CFO may work to a regular office schedule, a fractional CFO is typically more flexible, hired for a specific period to achieve a set goal (e.g., fundraising, restructuring, or M&A).
  
  A fractional CFO is best suited for startups or small businesses that require high-level financial leadership on demand, but don’t need someone available every week.

5 places to look for a part-time Chief Financial Officer

1. Colleagues and professional networks

Your first port of call should be to leverage your leadership team’s network. Like many senior business roles, finding a good CFO often comes through word of mouth. Consult with stakeholders, peers, advisors, investors, and accountants to get their insights and recommendations. 

You could also post about the role or search for candidates on LinkedIn. Or, if you’re a member of any founder-led Slack groups, Discord channels, or private forums, you could ask for referrals there.  

2. Freelance platforms and marketplaces

As you build your part-time CFO shortlist, you may want to search various online platforms and marketplaces for talent. Lots of forums exist to find an independent CFO, here are a couple that may be worth exploring: 

• Toptal is a curated network of financial professionals, showcasing hundreds of qualified part-time, fractional, and interim Chief Financial Officers.
• Upwork is a freelance marketplace listing professionals across a range of industries and disciplines, including CFOs. 
• Consultport offers on-demand access to top-tier Management Consultants, Digital Experts and Interim Managers, including part-time and interim CFOs. 

3. Specialist CFO firms

If you’d rather take the stress out of searching, you could outsource to a company that provides vetted part-time CFO services. Firms like CFO Hub, CFO Share, and Preferred CFO offer ready-made finance teams as a cost-effective alternative to hiring in-house. 

4. Industry-specific recruiters

Suppose your business competes in a specific niche or market (for example, SaaS or manufacturing). In that case, you may want to engage with recruiters who have in-depth knowledge of your industry, particularly those with experience in filling high-level positions. Search for your niche + “recruitment” or “recruiters” to find industry-specific agencies. 

5. Business/industry speakers or podcasters

If you want to go slightly off the beaten path, you could reach out to your favourite business speakers or podcasters. They’ll often have a broad network of professionals and could point you in the right direction. 

Alternatively, you could search for people who speak or podcast about topics like startup finance, fundraising, cash management, and scaling. These are typically experienced finance professionals who supplement their speaking and podcasting gigs with consulting or part-time roles. Again, if they can’t take on the role themselves, they may be able to introduce you to someone who can.

What qualities and qualifications should a part-time CFO have? 

It’s not enough to know where to look for a part-time CFO. You also need to know what you’re looking for in terms of skills and expertise. For example:

• Do they have relevant industry experience? 
• Do they have a track record of helping businesses at your stage? 
• Can they demonstrate strategic thinking and clear communication skills?
• Are they proactive and hands-on? 
• Do they have a familiarity with your financial tech stack? 
• Are they aligned with your business goals and company culture? 

When reviewing candidates, consider the following hard skills, qualifications, and experiences. Some are nice-to-haves, while others are non-negotiable.

Part-time CFO hiring checklist:

• A strong financial background: Many CFOs hold financial qualifications, such as CFA (Chartered Financial Analyst), ACA (Associate Chartered Accountant), ACCA (qualified with the Association of Chartered Certified Accountant), or an MBA (Master of Business Administration). While not always relevant, it shows that they’ve been educated to a high level.
  
  Their CV must also demonstrate a deep understanding of financial planning and analysis, cash flow management, forecasting, and budgeting. 

• Experience in your industry: While CFO skills can be applied to various sectors, specific industry experience can be a huge advantage. For instance, if you’re a SaaS startup, working with a CFO who’s scaled SaaS businesses in the past can help you avoid pitfalls and grow faster. 

• Background with various funding stages: Each stage of growth (from seed to Series B and beyond) comes with its own challenges, expectations, and decisions. An experienced part-time CFO knows how to manage cash burn, build scalable systems for growth, and prepare for further fundraising by creating pitch decks and financial models. 

• Knowledge of systems and tools: Familiarity with your business’s financial tech stack can help streamline reporting, forecasting, and decision-making from day one. This means less time spent chasing numbers and more time delivering— and acting on — smart, data-driven insights.
  
  Look for evidence of experience with tools like QuickBooks, Xero, NetSuite, Excel, Stripe, or any other software your business uses to gather and monitor financial data.  

• Previous part-time CFO experience: Hiring a less experienced part-time CFO might be cheaper, but if they don’t have a track record of working efficiently with limited hours or resources, it could cost you more in the long run. Ideally, look for someone who can point to several successful part-time engagements.

How much does a part-time CFO cost?

The cost of hiring a part-time CFO ultimately depends on the scope of work, expected outcomes, and how you structure the engagement. Some part-time CFOs charge an hourly or daily rate, while others work on retainer or charge per project. 

Costs can vary depending on where you’re hiring in the world. London-based part-time CFOs can charge £150 to £300 an hour, whereas in the rest of the UK, rates range from £100 to £200 an hour. 

If you’re looking to hire a part-time CFO for a set number of hours or days per month, you may want to consider a monthly retainer. This can range from £1,500 to £10,000 per month, depending on the stage of your business, your location, and the level of expertise required.

In summary

Working with a part-time CFO can help startups and small businesses access vital strategic financial leadership, delivering growth without the high costs of a full-time hire. 

However, while a CFO can give you insight, you still need oversight. Our award-winning savings platform gives you — and your incoming CFO — clarity and control as you scale. 

Learn more here.

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