What makes a good CFO?
Table of contents
Here are the most pertinent qualifications and certifications to look for when hiring a startup CFO:
- Tenure: ideally, your CFO will have at least 10 years of industry experience. While this may be their first CFO role, they should absolutely have a background in Corporate Finance where they grew from Staff Accountant to Controller to VP of Finance to CFO. A big mistake we see our startups make all the time is hiring their Investment Banking buddy as their startup CFO. While they might be great at FP&A, they likely have little experience and no desire to do the day to day accounting or “scorekeeping” work. That means you need to hire a Controller and a few Staff Accountants as well, and just like that a $200K salary just multiplied to $500K. You’re better off putting your buddy in an operations role.
- “Big 4” Experience: the roots of CFO work are based in accounting, so you’ll absolutely want to have a CFO who has spent at least part of the career at the Big 4 (Deloitte, KPMG, EY, PwC). The structure, learning opportunities, and exposure to dozens of Fortune 500 company’s audit and tax procedures provide an unparalleled training ground for a budding CFO. If they don’t have this, look for someone with senior level finance experience at a bigger company with a similar business model.
- CPA and/or MBA: an ideal CFO is someone who was once a CPA. The CPA exam is touted to be THE most difficult exam in the world to pass and while doctors and lawyers can debate this fact, I think we can all agree that someone who has passed the CPA exam is capable of high degrees of discipline and commitment. An MBA certification is also fantastic because it has vetted the candidate in the art of management, interpersonal relationships, and growing a team. Finally, a CFA certification is superb if you want to get into investment management, which is kind of a thing now that founders can get yield on their startup’s cash - read about startup treasury here- but it won’t help you much as a CFO (unless of course, you’re a FinTech CFO)
- Prior Fundraising, M&A, and IPO work: one of the most important jobs that the CFO will take on is shepherding the company through their Series A, B, C, D and hopefully through an exit. Even the best in-house CFOs see just a few of these events in their career, so it’s often best to bring on a CFO Consultant during these times. At Kruze, we assist with at least one M&A transaction per month and multiple fundraising events every month; our clients raised half a billion last year! If you’re looking for a Startup CFO, we’ve vetted a few top-notch startup CFO right here.
If you’re looking for a startup CFO, we’ve done the leg work for you and created a page where you can find the right one for your startup: ****Kruze Startup CFO Directory**. We also have pages on outsourced CFO services and fractional CFOs. We’ve worked with dozens of CFOs and these are the best :)** Feel free to reach out to me if you’d like to work together: [email protected]
Categories:
Startup CFOTable of contents
READY TO CONNECT FOR A FREE CONSULTATION?
We are the experts at helping seed/VC-backed Delaware C-Corps with their accounting and finances!
Talk to an experienced accountant, not a generic sales person
$250M+ VC Funding Raised
"I had a great experience working with Kruze Consulting when we raised Series A. They know what VCs need to see, and how to present a startup's books and finances. If you are going to raise venture capital, you need experts like Kruze."
Chris Mansi
CEO
Startup Venture Capital Assistance
With former venture capitalists on staff, our team is here to help you navigate the fundraising process and manage your board of directors
Founder & CEO, CPA
Scale Remote Operations & Team
"Kruze has supported us above and beyond basic accounting needs by ensuring we have everything we need to expand and support our team wherever they may be located"
Zack Fisch
Head of Operations & Legal
Clients who have worked with Kruze have collectively raised over $15 billion in VC funding.
We set startups up for fundrising success, and know how to work with the top VCs.
Founder & CEO
Experienced team helping you
Our account management team is staffed by CPAs and accountants who have, on average, 11 years of experience.
VP of Accounting Services
Controller
SUT/R&D Sr. Tax Accountant
Controller, CPA
Grew from a 2-person startup to a NASDAQ listed public company.
"The Kruze team helped us grow from a 2-person startup to a NASDAQ listed public company in 2 years. We wouldn't have gotten public without Kruze's support. Anyone thinking of launching a startup should make Vanessa their first call!"
Jesse Shefferman
CEO
Recent questions
- Are You Missing Hidden Tax Deductions Because Your Bookkeeping Isn’t Up-to-Date or Detailed Enough?
- How Does Modern Bookkeeping Automation Improve Cash Flow Visibility and Support Smarter Business Decisions?
- What Bookkeeping Strategies Can Help a Fast-Growing Startup Maintain Accurate Financials Without Slowing Down Innovation?
- What Is Net Working Capital in M&A, and Why Does It Matter for Deal Value?
- How Can Startups Identify and Track Sales Tax Nexus Across Multiple States to Ensure Full Compliance?
Top viewed questions
- What happens if the IRS audits me and I do not have the receipt for an expense (assuming it was a legitimate expense)?
- How should convertible note financing be handled on the balance sheet?
- How do startups account for equity and fundraising on the Balance Sheet?
- For startups incorporating in Delaware, what firms are good registered agents to use?
- 2025 Founder Salaries by Stage