How Much Does A Part-Time CFO Cost in 2024? 

Are you a UK business owner in need of expert financial guidance?

Have you considered hiring a part-time CFO, but unsure about the cost?

Understanding the cost of a part-time CFO and its benefits for your business is crucial for making informed decisions. In this article, we will explore the factors that influence the cost of hiring a part-time CFO in the UK and why it is essential for your financial growth. 

Key Takeaways:

  • Understanding the cost of a part-time CFO is essential for making informed financial decisions for your UK business.
  • Factors such as financial expertise, industry experience, company size, and scope of work can influence the cost of hiring a part-time CFO.
  • Knowing the average pricing and fee structures of part-time CFO services in the UK helps in budgeting for their cost.
  • Compared to full-time CFOs, hiring a part-time CFO can provide cost-effective financial guidance for UK businesses.
  • Budgeting for a part-time CFO involves aligning with your business’s financial goals and overall financial strategy.

Understanding the Role of A Part-Time CFO

A Part-Time Chief Financial Officer (CFO) is a financial expert who provides high-level financial strategy, advice, and management services to businesses on a part-time or contractual basis. Unlike a full-time CFO, who is employed exclusively by one company to manage all its financial aspects, a part-time CFO works with multiple companies, offering flexibility and cost-efficiency to small and medium-sized enterprises (SMEs) that may not require or have the resources for a full-time financial executive.

The responsibilities of a part-time CFO can be extensive and varied, tailored to meet the specific needs of each business they serve. Key duties often include:

  • Financial Strategy and Planning: Developing short-term and long-term financial plans that align with the company’s overall business objectives.
  • Cash Flow Management: Overseeing cash flow to ensure operational liquidity while identifying opportunities for improvement and investment.
  • Budgeting and Forecasting: Creating and managing budgets, as well as forecasting future financial performance to guide business decisions.
  • Financial Reporting and Analysis: Providing accurate financial reports and analysing data to inform strategic decision-making.
  • Risk Management: Identifying financial risks and developing strategies to mitigate them.
  • Compliance and Governance: Ensuring the company’s financial practices are in compliance with legal and regulatory requirements.
  • Fundraising and Investment: Assisting with fundraising efforts, managing investor relations, and advising on investment opportunities.

By offering a blend of strategic oversight and practical financial management, part-time CFOs enable businesses to navigate complex financial landscapes, optimise their financial performance, and achieve their growth objectives without the commitment to a full-time salary and benefits package.

How Much Does a Part-Time CFO Cost in 2024?

In this section, we will explore the various factors that influence the cost of a part time CFO in the UK.

These factors include the level of financial expertise required, industry experience, the size of the company, and the scope of work. Let’s dive into each of these factors to understand how they impact the overall cost of hiring a part-time CFO.

Average Pricing and Fee Structures

The average part time CFO salary in the United Kingdom is over £60,000 per year. Part-time CFOs also often offer flexible fee options to accommodate different client needs.

Hourly rates are a common fee structure, where the CFO charges an hourly rate for their services. The hourly rate can vary based on the complexity of the work and the experience level of the CFO.

In some cases, part-time CFOs may offer project-based fees. This means that a fixed fee is agreed upon for a specific project or engagement. This fee structure provides transparency and allows businesses to budget more effectively.

Another fee structure is a retainer fee, where the client pays a fixed monthly fee to retain the services of the part-time CFO. Retainer fees are often used for ongoing support and advisory services.

It’s recommended that businesses discuss pricing and fee structures with potential part-time CFOs to understand the specific costs involved.

Factors Influencing Cost

The cost of a part-time CFO is influenced by several key factors. Firstly, the level of financial expertise required plays a significant role in determining the cost. CFOs with extensive experience and specialised knowledge typically command higher fees.

Industry experience is another crucial factor. CFOs with a deep understanding of a specific industry can provide valuable insights and strategic guidance tailored to the unique challenges of that sector.

Company size also impacts the cost of a part-time CFO. Large companies with complex financial operations may require more extensive support and therefore incur higher costs compared to smaller businesses.

The scope of work required from the part-time CFO also affects the cost. Projects that involve in-depth financial analysis, restructuring, or significant strategic involvement will typically have higher fees than more limited engagements.

Part-Time CFO Rates vs Full-Time Costs

When it comes to financial expertise, UK businesses have several options to choose from to meet their needs. However, it is essential to consider the cost-effectiveness of each solution to ensure optimal financial management.

Hiring a full-time CFO can be a significant financial commitment for a business, especially for small and medium-sized enterprises (SMEs). The salary, benefits, and overhead costs associated with a full-time CFO position can be substantial with the average base salary for a Chief Financial Officer standing at around £110,000 per year.

On the other hand, a part-time CFO offers a cost-effective alternative, allowing businesses to access the required financial expertise without bearing the full expense of a full-time CFO. This makes a Part-Time CFO an attractive option for businesses looking for cost-effective financial solutions.

Budgeting for a Part-Time CFO

To ensure the successful integration of a part-time CFO into your business, it is crucial to effectively budget for their cost. By considering your financial goals and overall financial strategy, you can make informed decisions and maximise the value of your investment.

Financial Planning: Start by assessing your current financial situation and identifying the areas where a part-time CFO can provide the most value. Determine the specific financial goals you want to achieve and outline the steps needed to reach them. This will help you align your budgeting efforts with your desired outcomes.

Cost Management: Evaluate your existing financial resources and determine how much you can allocate towards hiring a part-time CFO. Consider the cost implications of different fee structures, such as hourly rates, project-based fees, or retainer fees. Compare these options to find the most cost-effective solution for your business.

Financial Goals: Take into account the specific financial goals you have set for your business. Consider how a part-time CFO can help you achieve these goals, whether it’s through improving cash flow management, optimising financial processes, or providing strategic financial advice. Prioritise budget allocation based on the impact each goal can have on your business.

Financial Strategy: Develop a comprehensive financial strategy that aligns with your business objectives. This includes defining key performance indicators (KPIs) and establishing a framework for monitoring and measuring financial success. Your part-time CFO can play a vital role in implementing and optimising this strategy, so allocate resources accordingly.

By effectively budgeting for a part-time CFO, you can ensure that your business receives the financial expertise it needs while making the most of your available resources. With a clear financial plan and strategy in place, you’ll be well-positioned to achieve your business goals and drive sustainable growth.


In conclusion, hiring a part-time CFO can provide numerous benefits for UK businesses. By offering cost-effective financial guidance and support, a part-time CFO can contribute to the financial growth and success of a company. With their expertise and experience, they are equipped to navigate the complexities of financial management and help businesses make informed decisions.

In the ever-evolving business landscape, outsourcing financial expertise in the form of a part-time CFO is a cost-effective solution. It provides businesses with access to high-quality financial guidance without the expenses associated with hiring a full-time CFO.

This allows companies to focus on their core competencies while benefiting from the expertise and support of a qualified professional.

For UK businesses looking to achieve financial success and growth, hiring a part-time CFO is a strategic investment. By tapping into their knowledge and experience, businesses can effectively manage their finances, make informed decisions, and drive their financial goals.

With cost-effective financial guidance, UK businesses can position themselves for long-term success. For further guidance finding the right CFO for your business, get in touch via the contact form to see how Boardroom Advisors can help you.


How much does a part-time CFO cost in 2024?

 The average part time CFO salary in the United Kingdom is around £60,000 per year. However, the cost of hiring a part-time CFO varies depending on factors such as the scope of services required, the experience level of the CFO, and the size of your business. 

How does hiring a fractional CFO differ from a full-time CFO?

Hiring a fractional CFO allows small businesses to access chief financial officer expertise at a fraction of the cost of hiring a full-time CFO. A fractional CFO typically works on a part-time basis, focusing on specific financial needs of the business.

What are the benefits of hiring a virtual CFO for my small business?

Hiring a virtual CFO can provide small businesses with experienced financial expertise without the need for an in-house CFO. Virtual CFOs can assist with financial reporting, cash flow management, and making strategic business decisions.

How can a part-time CFO help with cash flow management?

A part-time CFO can help with cash flow management by analysing financial statements, creating cash flow forecasts, and implementing strategies to improve cash flow for the business.

Should I outsource or hire a fractional CFO for my small business?

 The decision to outsource or hire a fractional CFO depends on your business needs and budget. Outsourcing CFO services and fractional CFOs can be cost-effective, and provide dedicated financial expertise tailored to your business.

What are some common services included in CFO packages?

CFO packages can vary, but common services may include financial analysis, budgeting, financial reporting, cash flow management, strategic planning, and financial forecasting. Tailor packages to meet the specific needs of your business.

Written by: John Courtney

John is highly ranked in the Top 100 UK Entrepreneurs list by City AM and is winner of the Lifetime Achievement Award from techSPARK. He has been a Board Director himself for over 40 years and first started placing Non-Executive Directors over 25 years ago. John founded and ran seven of his own businesses including a Management Consultancy for 10 years, a Corporate Finance offering for 10 years and a mid-sized Digital Agency for another 10 years.