Fractional CFO

A few of you will remember the TV show What’s My Line?, where three contestants claimed to be the same person and a panel tried to guess which one was telling the truth. In the end, the real person stood up… and the others sat down.

Well, it feels like we’re in a rerun.

Recently, I reviewed the profiles of 58 individuals who publicly identify as “fractional CFOs.” Not bookkeepers. Not staff accountants. Not “I-once-read-a-financial-statement” types — actual self-labeled fractional CFOs.

What I Found Was Eye-Opening

Here’s how the numbers broke down:

  • ✅ 31 were legitimate CFOs. They held strategic finance leadership roles, drove growth, raised capital, and had the scars to prove it.
  • ⚠️ 15 were borderline. Smart professionals with some financial chops, but no clear CFO title or strategic finance accountability.
  • ❌ 12 had never actually been CFOs. Most had controller, accountant, or auditor roles. Solid contributors, but not C-suite finance leaders.
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The Experience Gap

Among the 31 legitimate CFOs I reviewed, real CFO experience totaled 410 years with an average of 13.5 years and a median of 13.0 years. These are seasoned leaders who didn’t just show up one day and claim the title; they built their careers on it.

They also averaged 11.5 years in non-CFO finance roles, showing that most didn’t jump into the seat cold; they worked their way up.

By contrast, the 27 individuals who were either borderline or not CFOs combined for just 23 total years of CFO experience. That’s less than one year each on average and the median was zero. In other words, more than half had never actually served in a CFO role at all.

The gap isn’t just wide; it’s alarming. And it’s reshaping how businesses perceive the entire “fractional CFO” category.

The Market is Flooded

Over the last 3 years, there has been a 10x annual increase in accountants, controllers, and consultants rebranding themselves as “fractional CFOs.” Many have little or no real CFO or strategic finance experience; just a new title and some slick marketing.

This saturation has consequences. CEOs and business owners have become numb to the title “fractional CFO” because too many engagements fell short of the strategic value they were promised. And worse, rates in the SMB market are dropping. Not because the work is worth less, but because the title is being devalued by those who haven’t earned it.

So… Will the Real CFOs Please Stand Up?

If you’re a business owner, board member, or investor, ask the hard questions. The real ones: the ones that separate the strategic from the superficial.

✅ Questions where a “Yes” is a green flag:

  • Have they ever led the entire finance function for a company?
  • Have they raised capital, managed through downturns, or led M&A transactions?
  • Can they walk into a boardroom and speak confidently with your investors?

🚫 Questions where a weak answer is a red flag:

  • Can they explain your business model and industry drivers without staring at a spreadsheet?
  • How many corporate tax returns have they personally filed or overseen?
  • How many financial audits have they led, not just assisted with?
  • Have they ever had to defend financials under scrutiny with lenders, acquirers, or regulators?

If they hesitate, fumble, or pivot to “that’s not really my role,” you’ve got your answer.

Business Owner Tips: Don’t Get Fooled by the Title

The rise of unqualified “fractional CFOs” isn’t just a branding problem, it’s a hiring trap. If you’re trying to bring real strategic finance to the table, here are three mistakes to avoid:

  1. If you’re asking for both strategic leadership and QuickBooks experience in the same job description… You’re not going to get the right person. That’s like asking your brain surgeon if they can also clean your teeth.
  2. If you’re a $100 million business and you’re asking for QuickBooks experience… You’re underselling the job and attracting the wrong applicants. Real CFOs in companies that size don’t touch QuickBooks. They build finance teams.
  3. If you’re asking for a strategic CFO but mention audits and taxes five times… You’re looking for a controller with a title upgrade. That’s fine, just don’t call it something it’s not.

Final Thought

If you’re a real CFO, you’ve earned your stripes. Stand tall. The market needs us. But it also needs clarity about who we are and what we actually do.

I mentor and advise CEOs who want to grow responsibly and strategically. If you’re trying to separate the signal from the noise in the fractional market, feel free to reach out as I’m happy to help.

About the Author

Don Noble has served as a fractional CFO for over 50 companies across a wide range of industries over the past 20 years. His work focuses on helping business owners, CEOs, and private equity firms navigate strategic growth, financial clarity, and operational excellence.

Don is currently completing his doctorate in Strategic Management at Liberty University, where his research centers on the evolving role of fractional executive leadership, both as it exists today and where it’s headed next.

Follow Don on his LinkedIn profile at https://www.linkedin.com/in/donaldnoble/ or his blog at https://accelebron.com/executive-insights/.