Hiring guide
Checking a fractional CFO's references: evidence beyond a job title
By CFO Index · Published
A reference check should establish what a CFO actually did in a comparable situation. A recognisable client logo or senior title cannot tell you who built the analysis, how much support they had or whether your assignment is similar. Use the same evidence questions for each finalist.
Ask for a comparable situation, not a famous client
Describe your business model and immediate problem. Request a reference relevant to that situation: a reporting rebuild, cash-planning routine or management transition. A large-company role may offer useful experience without proving that the person can work effectively with a small team. Ask which resources were available in the prior assignment and which would be available in yours.
Get permission and protect confidentiality
Arrange introductions through the candidate and obtain the referee's agreement to talk. Do not demand another client's financial files, employee records or confidential investor materials. An anonymised description or a purpose-built demonstration can show the method without exposing private information. A candidate who respects these boundaries is not automatically withholding evidence. Your own company may need the same protection later.
Separate the person's work from the team's work
Ask the referee what the candidate personally owned, who prepared the inputs and who maintained the outputs. Explore one deliverable from beginning to end. Was the provider responsible for execution, review or occasional advice? Ask whether the named delivery team stayed consistent. The answer helps you judge transferability without assuming that one successful engagement predicts the result of a different one.
Ask about friction as well as success
Useful questions include: what information arrived late, what needed rework, and how did the CFO handle disagreement? Ask what the client would put into the scope more clearly next time. Avoid seeking an overall score that compresses a complicated relationship into a number. A concrete example of resolving an error often tells you more about working style than a polished testimonial.
Check qualifications separately
Where a professional designation matters, confirm the exact person and status with the relevant professional body's register. Do not treat a company name or directory entry as proof of a licence or permission to deliver regulated services. ICAEW's practice guidance discusses competence and sufficient resources for its firms; use it as context, not a universal certification test for all fractional CFOs.
Record evidence and open questions
Keep a short note separating what the referee confirmed, what the candidate stated and what remains unknown. If a reference cannot discuss an issue, do not invent a favourable or unfavourable answer. Use a bounded paid diagnostic when practical work would resolve a key uncertainty more fairly. References are one input alongside scope, capacity and your own discussion of the proposed deliverables.