Why Your CFO Search Process Should Start Before You Think You Need It
Hiring a Chief Financial Officer is one of the most important leadership decisions your organization will make. For independent schools, where financial strategy supports mission delivery, the CFO is more than a back-office operator. This person shapes long-term sustainability, risk management, and resource alignment in ways that touch nearly every corner of your institution.
Yet, many organizations begin thinking about the search process only when the current CFO announces their departure. That is understandable, and also avoidable. Having a clear, intentional process in place before it is needed is not just good planning. It is a key part of organizational continuity, leadership resilience, and mission stewardship.
This guide was developed through the collaboration of Cal-ISBOA, MISBO, PAISBOA, and SAIS. It reflects the experiences of organizations that have learned, sometimes the hard way, that a solid process is the foundation for a successful transition. It is designed to support you whether you are preparing for a search now or simply making sure you are ready when the time comes.
Why a Search Process Matters
A well-structured search process signals that your organization is strategic, thoughtful, and prepared. It helps minimize disruption, maintain confidence among stakeholders, and attract high-quality candidates. Just as importantly, it ensures that your next CFO aligns with your institution’s values, priorities, and culture.
The CFO is responsible for far more than managing spreadsheets. They are involved in facilities planning, tuition modeling, insurance strategy, vendor contracts, HR systems, and often serve as a close advisor to the Head of School. When this role is vacant or misaligned, it affects everything from decision-making to morale. A ready-to-implement process helps keep operations on track and your community confident in what comes next.
What This Guide Offers
This resource lays out a 14-step process to guide your CFO search from start to finish. While each organization will adapt the steps to fit its unique context, the framework is built to be comprehensive, clear, and actionable. Inside, you will find:
- Best practices for communicating a leadership transition to your community
- Guidelines for forming an effective and nimble search committee
- Considerations for using a search consultant, or managing the process internally
- Tools for gathering meaningful input from stakeholders
- Instructions for writing a position description that reflects both the job and your values
- Strategies for recruiting through multiple networks
- Interview questions and evaluation rubrics tailored to mission-driven finance leadership
- Templates for communicating with candidates at each stage of the process
- Tips for negotiation, onboarding, and honoring your outgoing CFO
This is not just a checklist. It is a blueprint for ensuring your next financial leader is well-matched, well-prepared, and well-supported.
Planning for Continuity
Even if your CFO is not planning to leave any time soon, now is the time to build your process. Think of it as part of your long-term risk management and succession strategy. When transitions happen, whether planned or unexpected, the organizations that move with clarity and confidence are the ones that have done their homework in advance.
Having a documented, agreed-upon process makes everything easier. It allows your board and leadership team to move forward without scrambling. It sends a clear message to your staff, your community, and your candidates that leadership transitions are handled with care.
Looking Ahead
Leadership transitions are inflection points. They are moments of reflection, renewal, and sometimes reinvention. The CFO role, in particular, offers an opportunity to strengthen both operational capacity and strategic decision-making. With the right process, your organization can approach the search not as a disruption, but as a chance to take a meaningful step forward.
We hope this guide supports you in building a thoughtful, effective, and timely search process. One that helps you find not just your next CFO, but the right one.