Hiring guide
How to Hire a Chief Financial Officer
How to hire a CFO: defining the brief by company stage, where to search, a board-style case exercise, red flags, references and the first 90 days.
The short answer
Hiring a Chief Financial Officer comes down to verifying track record at your company's stage and with your type of capital (venture, private equity, debt, public markets), financial planning, forecasting and capital allocation and fundraising, investor relations and lender negotiations before you commit interview time. The process below runs 5 stages, screens on evidence rather than résumé claims, and scores every candidate against the same criteria.
- Watch for: Describes the role only as reporting and compliance, with no view on strategy or capital
- Watch for: Cannot point to decisions they changed because of their analysis
- Score on: Directly relevant experience against the agreed brief
- Score on: Quality of insight and prioritisation in the case presentation
Paste your Chief Financial Officer job description; Cohesyve finds, contacts and tests candidates on the real work and ranks them. Ten candidates free, no card.
Applying for a role like this? Practise the assessment free →To hire a chief financial officer, start with the company's next few years: a fundraise, an acquisition, a listing, a turnaround or scaling a finance team each call for a different CFO. The best candidates have done that specific job before and can show you how. This guide covers how to write the brief, where to search, how to run a case exercise with your board, red flags and how to set a new CFO up to succeed.
Why this role matters
The CFO owns the numbers investors, lenders, auditors and the board rely on, and shapes how capital is raised and spent. A strong CFO builds forecasting and controls that let the CEO make decisions with confidence and leads finance, and often legal, IT or operations, as a partner to the business. A mismatched CFO can stall a fundraise, damage investor trust or leave the company with weak controls at the moment scrutiny increases.
Where to find candidates
- Executive search firms with a finance practice, especially for listed, PE-backed or large private companies
- Your investors, board members and auditors, who see many finance leaders in action
- Financial Executives International (FEI) and similar finance leadership networks
- Professional bodies such as AICPA, ICAEW, ACCA, CIMA and ICAI, whose members include experienced finance directors
- Fractional and interim CFO providers, useful for earlier-stage companies or while a permanent search runs
- Your own finance leadership, if a controller or finance director is ready to step up
Skills to look for
Red flags
- Describes the role only as reporting and compliance, with no view on strategy or capital
- Cannot point to decisions they changed because of their analysis
- Experience is at a very different scale or ownership model, with no plan to bridge the gap
- Takes credit for outcomes delivered by their team without describing their own contribution
- Evasive about audit findings, restatements or difficult exits in their history
The interview process
- 1
Brief agreed with the board
Write down the three or four outcomes the CFO must deliver, the scope (finance only, or also legal, IT, HR or operations), and the experience that is essential versus nice to have. Every interviewer works from this brief.
- 2
CEO and search partner interviews
Go deep on two or three situations in each shortlisted candidate's career that match your brief, such as a raise, an acquisition or a system rebuild. Ask what they did personally and what they would do differently.
- 3
Board-style case exercise
Share a sanitised version of your recent accounts, budget and forecast. Ask the candidate to present their read of the business, the top risks and their priorities for the first year to two board members, then take questions. A job simulation of this real work is one option for earlier, more structured screening.
- 4
Team and peer meetings
Let them meet the finance team and the leaders they will partner with. Collect structured feedback on clarity, judgement and how they listen.
- 5
Referencing
Take references from a former CEO, a board or audit committee chair and someone who reported to them. Ask specifically about integrity under pressure.
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Cohesyve takes your Chief Financial Officer job description, finds and contacts candidates and tests each one on an AI job simulation of the job, so the stages above start with people who have already done the work. Ten candidates free, no card.
How to evaluate
- Directly relevant experience against the agreed brief
- Quality of insight and prioritisation in the case presentation
- Credibility with the board and the CEO
- Evidence of building teams, systems and controls
- Integrity and judgement shown in references
- Communication that makes complex numbers clear
Onboarding
- 1Agree a written 90-day plan with the CEO and board chair covering priorities and early decisions
- 2Arrange meetings with the auditors, key investors, lenders and banks in the first weeks
- 3Give them time to assess the finance team and systems before restructuring
- 4Brief them fully on open issues: audit points, covenants, disputes and tax matters
- 5Set a regular one-to-one with the CEO and a check-in with the audit committee chair
Common questions
When does a company need a full-time CFO?
Usually when it is raising significant capital, preparing for an acquisition or listing, managing complex debt, or when finance has grown beyond what a controller or finance manager can lead. Before then, a fractional CFO can cover strategic needs.
Does a CFO need to be a qualified accountant?
Many are, such as CPA, ACA, ACCA, CIMA or CA, and it is common for listed companies. Some CFOs come from banking or strategy and rely on a strong controller for technical accounting. Decide based on the brief.
Should I use an executive search firm?
For a senior or confidential search, a firm with a finance practice widens your reach and manages referencing. Ask to see their candidate long list and how they assess finance leaders before you sign.
How do I assess a CFO if I am not a finance expert?
Involve a board member or adviser with finance depth, use a case exercise on your real numbers, and weight references from audit committee chairs and former CEOs heavily.
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