The short answer
Munich mandates more often have a corporate or investment background than mandates elsewhere: a division being separated from a larger group; a deep-tech company between grant funding and its first large round; a portfolio company whose investor brings its own reporting format. The common denominator: there is an audience with defined expectations – and the numbers have to hit that audience's format, not the company's own.
nugrow's network comprises around 500 freelancers across the German-speaking region. For Munich mandates that means the appointment lives locally. Presence is neither a bottleneck nor a cost factor that drives the decision.
What is different in Munich
Carve-outs and separation from a group. When a division is made independent, almost everything the group used to provide is missing on day one: accounting, reporting, treasury, insurance, contracts. The finance function has to stand before the numbers do – and during the transition period reporting has to follow two logics at once, the old and the new.
IFRS in the background. Where a group parent or an international investor is involved, the HGB accounts have to reconcile to a group logic. Revenue recognition, leasing and development costs are the points where it regularly sticks – more in converting from HGB to IFRS.
A high density of investment firms. Munich is the second major venture capital location after Berlin and at the same time a centre of the mid-cap private equity business. Portfolio companies report in prescribed templates, often monthly, with covenant references and quarterly dates that are not negotiable. How that works with limited capacity is in one interim CFO across several portfolio companies.
Deep tech and long development cycles. Hardware, semiconductors, medical technology, space: companies with high upfront costs, grants and milestone payments. That demands a cash flow plan that can handle uncertain payout dates – and a clean separation of eligible and non-eligible costs, because the proof obligations otherwise become expensive.
Salary levels. A permanent CFO hire in Munich is markedly more expensive than the national average, and the market is tight. That is exactly what shifts the calculation: for a company that needs finance leadership but would not fill a full-time position, a part-time solution is more clearly the economically right answer here than elsewhere – see strengthening rather than replacing.
On-site presence
The appointment comes from Munich. Two to three presence days a week are therefore possible without travel setting the rhythm – and without the travel costs that an appointment from elsewhere accumulates noticeably over half a year.
How much presence makes sense depends on the trigger. In a carve-out and in the first weeks of a mandate presence counts, as it does around advisory board meetings, quarter-end closes and due diligence. Once reporting runs, fixed dates and presence at the key events are enough. That is settled before the start, not along the way.
Typical triggers
- Carve-out and building a standalone finance function – from the transitional services agreement to the first own close.
- Portfolio company after an investor's entry – bring reporting onto the required template, monitor covenants, secure data quality.
- Reconciliation to group requirements – HGB stays, the group view is added.
- Deep-tech financing – grants, milestones and the round brought together in one plan.
- CFO vacancy in a tight market – bridge until the permanent hire is in place; see CFO handover and vacancy.
What it costs
Day rates follow role and trigger, not city; the ranges are on the pricing page. Expenses are stated in the proposal. The benchmark is not the day rate but the total cost over the term – set against a salary level that in Munich sits above what the same role costs elsewhere.
A note for international groups and investors
The Munich pattern – a German entity that has to satisfy both HGB and a group or fund format – is the one international owners meet most often. The reconciliation is not a one-off conversion but a monthly routine, and it is worth building into the finance lead's brief from the first day rather than discovering it at the first quarter-end.
Frequently asked questions
Does nugrow work on site in Munich?
Yes. From a network of around 500 freelancers across the German-speaking region we place someone based in Munich; two to three presence days a week are possible. How much presence makes sense follows the trigger and is settled before the start.
Do you have experience with carve-outs?
Yes. The critical part is rarely the bookkeeping but the transition period: which services does the former group still provide, for how long, at what price – and what has to stand independently by the end of that period.
Is reporting done under IFRS?
The statutory HGB accounts remain mandatory. Where a group parent or an international investor is involved, a reconciliation is added; the typical points are revenue recognition, leasing and development costs.
Does the model fit a PE portfolio company?
Yes, and it is one of the most common triggers. What matters is that the investor's reporting template, dates and covenant definitions are known from the start – changing them afterwards costs more than the original setup.
Is part-time finance leadership more worthwhile in Munich than elsewhere?
For the same task, yes, because the salary level for a permanent hire is higher and the market tighter. The calculation still tips at some point – at the latest when the role permanently ties up more than three days a week.
Read on
- Interim CFO · Private equity · Pricing.
- Interim CFO in North Rhine-Westphalia · Interim CFO in Berlin.
Sources and status
The article is based on nugrow's mandate practice in corporate and investment environments. Status: September 2026.