CFO (Chief Financial Officer), Fractional CFO
Definition of CFO and Fractional CFO roles
The CFO (Chief Financial Officer) is the highest-ranking finance executive in an organization. A CFO oversees financial strategy, treasury, investor relations, and regulatory compliance while driving overall business performance.
The Fractional CFO (also called part-time or contract CFO) is an experienced finance leader who supports companies on a flexible basis (a few days per month or per week). This model allows SMEs, startups, and growing businesses to access high-level financial expertise without hiring a full-time CFO.
Typical responsibilities of a CFO
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Define and execute the company’s financial strategy.
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Oversee accounting, treasury, taxation, and financial planning.
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Ensure compliance with accounting and regulatory standards (IFRS, ASPE).
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Manage relationships with investors, banks, and financial institutions.
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Actively participate in executive committee and board-level decisions.
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Lead finance teams (controllers, tax specialists, FP&A, payroll).
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Prepare the organization for growth, financing, acquisitions, or restructuring.
Specific responsibilities of a Fractional CFO
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Provide the same strategic expertise as a full-time CFO but on a flexible mandate.
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Implement financial processes and tools adapted to SMEs and startups.
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Support executives during critical phases: fundraising, acquisition, succession, restructuring.
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Train and mentor internal finance teams.
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Step in temporarily to stabilize or restructure organizations in transition.
Key skills required for CFOs
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CPA or CFA designation strongly recommended.
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10–20 years of progressive experience in finance leadership.
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Strong command of accounting standards and strategic financial planning.
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Leadership, adaptability, and executive presence.
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Expertise in treasury, financing, M&A, and investor relations.
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Ability to create impact in both SMEs and large organizations.
Education and experience requirements
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University degree in accounting, finance, or business administration.
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CPA, CA, CMA, or CFA designation highly valued.
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10–20 years of progressive experience, ideally including Finance Director, VP Finance, or CFO roles.
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For Fractional CFOs: diversified background in consulting, SMEs, or turnaround projects.
Differences between CFOs and Fractional CFOs
Full-time CFO
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Permanent executive role within the organization.
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Oversees the entire finance function daily.
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Plays a central role in corporate governance and long-term strategy.
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More common in large companies and publicly traded firms.
Fractional CFO (part-time or contract)
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Flexible mandate (days per week or month).
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Common in SMEs and startups experiencing growth.
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Focused on specific needs (fundraising, restructuring, acquisitions).
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Provides top-tier expertise at a cost adapted to company size.
Career outlook and progression
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Full-time CFOs often progress to CEO, COO, or board positions.
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Fractional CFOs may continue in multiple mandates across industries or transition into permanent roles.
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Both can evolve into strategic advisory positions or corporate governance roles.
CFO and Fractional CFO salary in Quebec
Full-time CFO
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SMEs: CAD $180,000 – $250,000 + bonuses.
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Large corporations: CAD $250,000 – $400,000+, including performance bonuses, stock options, and executive benefits.
H3: Fractional CFO
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Hourly rate: CAD $150 – $300.
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Monthly mandate: CAD $5,000 – $15,000 depending on scope and hours.
Choosing between a full-time and fractional CFO depends on company size, growth stage, and complexity.