The short answer
If you cannot or do not want to fill a full-time CFO seat, there are five alternatives: an interim CFO for a vacancy, CFO as a Service for permanent part-time leadership, an interim head of finance to lead the team, targeted reinforcement in accounting and FP&A, or an outsourced finance function. Which one fits depends on what is missing: leadership, capacity or structure.
Why a permanent hire is often not the first choice
A permanent CFO costs roughly EUR 140,000 to 190,000 a year in the Mittelstand and EUR 180,000 to 300,000 in the upper Mittelstand. On top come recruiting costs of usually 25 to 30 percent of an annual salary and six to nine months until the start, notice period included. That pays when the finance function permanently occupies one full-time person. In many companies with 30 to 500 employees it does not, or the seat cannot be filled right now. Then there are alternatives.
The alternatives at a glance
| Alternative | Fits when | Cost range | Start |
|---|---|---|---|
| Interim CFO | The seat is vacant or a special topic is due (funding round, sale, restructuring) | EUR 1,400–2,500 per day across the market; from EUR 1,800 at nugrow | Days to a few weeks |
| CFO as a Service (fractional CFO) | Permanent CFO capability, but not enough work for a full-time seat | Monthly retainer EUR 2,500–15,000, depending on scope | Days to a few weeks |
| Interim head of finance | The team needs a lead; the level above is not the problem | from EUR 1,300 per day at nugrow | Days to a few weeks |
| Reinforcement in accounting, controlling, FP&A | The close is stuck, reporting is missing or someone is out | from EUR 850 (accounting), EUR 1,050 (controlling), EUR 1,150 (FP&A) per day at nugrow | Days to a few weeks |
| Outsourced finance function | Standard processes should run permanently outside the company | Depends on scope, usually a fixed monthly fee | Weeks to months |
| For comparison: permanent hire | Permanent full-time workload and a seat that can be filled | EUR 140,000–300,000 fully loaded per year | 6–9 months |
All values are net guide figures, as of 2026. The rates that apply at nugrow are on the pricing page.
Interim CFO: when the seat has to be filled now
An interim CFO takes over finance leadership for a clearly limited period, usually full-time or close to it. That fits when the current lead leaves or goes on parental leave, ahead of a funding round, or in a sale. What matters from day one is a plan for the handover to a successor. The interim management page shows how an engagement runs; costs are covered in What does an interim CFO cost?.
CFO as a Service: leadership without a full-time seat
An external CFO takes over permanently, but only at the scope the company needs, from a few days a month to several days a week. It is billed as a monthly retainer. The term fractional CFO describes the same model; more in Fractional CFO, outsourced CFO, part-time CFO. As a rule of thumb, as long as the retainer stays below about EUR 12,000 a month, it is cheaper than your own seat. The individual building blocks are shown in CFO as a Service: modules and pricing models.
Interim head of finance: when the team has no lead
Sometimes no CFO is missing, but someone who leads the team, secures the monthly close and makes reporting reliable. Then an interim head of finance is the better and cheaper fit. How the two roles differ is explained in Head of finance or CFO.
Reinforcement instead of replacement
Often the CFO is not the problem, but capacity below them: a close backlog, parental-leave cover, a data room that has to be ready for the round. Then an interim profile in accounting, controlling or FP&A is enough. The interim accounting and FP&A page shows roles and costs.
Outsourced finance function
Standard processes such as bookkeeping, payroll or receivables management can be handed to a service provider permanently. That relieves the team but does not replace leadership: whoever plans, steers and talks to investors stays in-house or comes from outside through one of the models above. A typical combination is outsourced standard bookkeeping plus CFO as a Service.
How to decide: four questions
- Is leadership, capacity or structure missing? Leadership points to an interim CFO or CFO as a Service, capacity to reinforcement, structure to outsourcing or a reporting foundation.
- How long does the need last? Under a year points to interim; permanent but part-time points to CFO as a Service.
- How many days a week are realistically occupied? Below three days, a part-time model is almost always cheaper than a permanent hire.
- How fast does it have to happen? If you need to be able to act in weeks rather than months, an external solution is hard to avoid.
A detailed comparison of the three most common models is in Interim CFO, CFO as a Service or a permanent hire, and the decision logic by trigger is on the page Interim CFO or permanent hire. If solvency is the urgent topic, the 13-week cash flow forecast helps.
Cost comparison as an Excel template
The template runs the models against each other over your time horizon: interim only, CFO as a service, a permanent hire with a vacancy, and interim as a bridge to a permanent hire. You enter day rate, monthly fee and salary yourself; the example values come from the market ranges in this article. A break-even shows up to which monthly fee CFO as a service is cheaper than a permanent hire. No form, no email address needed.
Download the CFO models cost comparison template (xlsx)
Frequently asked questions
What is the cheapest alternative to a permanent CFO?
For a permanent part-time need, CFO as a Service is usually cheapest, because only the scope actually needed is paid for. The market range is EUR 2,500 to 15,000 per month. For individual tasks, reinforcement in accounting or controlling can be cheaper still.
When does a fractional CFO make more sense than an interim CFO?
A fractional CFO makes sense when the task is permanent but does not fill a full-time seat. An interim CFO makes sense when a specific seat has to be filled for a limited period, usually full-time.
Can a head of finance replace a CFO?
Only in part. A head of finance leads the team and secures the close and reporting. Financing, investor communication and strategic planning, however, usually belong to the CFO role. Where those tasks do not arise, a head of finance is often enough.
How quickly can an external solution start?
Interim and part-time models usually start within a few days to two weeks. A permanent hire takes six to nine months including the notice period.
When does a permanent hire still pay?
When the finance function permanently occupies one full-time person and the seat can be filled internally. As a rule of thumb, if the monthly retainer for CFO as a Service stays above about EUR 12,000, your own seat becomes cheaper.
