Certified Government Financial Manager (CGFM) Practice Exam

Certified Government Financial Manager (CGFM)

About Certified Government Financial Manager (CGFM) 

The Certified Government Financial Manager (CGFM) is a base to mid-grade professional certification advocated for government financial managers.  The CGFM verifies an individual’s knowledge and skills of governmental auditing, accounting, financial reporting, and budgeting at the federal and internal controls, state and local levels.  The CGFM is the examination used by the AGA to certify professional government financial executives. This examination is designed to give a set of norms in the financial ethics and expertise that all professionals in the field are held to.

Who should take the exam?

Those who are applying for the CGFM exam must have a minimum of two years of expert-level knowledge in government financial management. To sit in any of the CGFM examinations, the candidates must hold a bachelor's degree from a recognized university or college. The candidates and those certified should agree to bind to the AGA's Code of Ethics.

Course Structure 

The Certified Government Financial Manager (CGFM) Exam covers the following -

Examination 1: Government Environment (GE)

1. The organization, authority and structure of government (15%)

• An understanding of the levels of government: federal, state and local
• An understanding of the outlets of government – executive, legislative, judicial including:
• Ascertain an understanding of the elements of the state, federal, and local governments (e.g., accountability agencies and central management, departments, bureaus, agencies, commissions, divisions).
• Gives an understanding of the responsibilities and authorities of the government (for e.g., and departmental and government-wide)

2. The legally-based significance of the government financial environment (15%)

• Demonstrating an understanding of the significance of sovereignty in the grades of the government
• The knowledge related to the budget
• Giving an insight into how establishing funds or dedicated revenues helps to fulfil legal requirements.
• Also, an understanding of the legislative “earmarking”.

3. Government management unicycle (16%)

• The components of government management include strategic planning, budgeting, programming, operations, reporting, accounting, and auditing. 
• The interrelationships across the factors of the government management system.
• Also, the importance of the data in the government management system..

4. Governmental financing procedure (24%)

• A comprehension of the part of taxation
• Knowledge of intergovernmental revenues
• Demonstrating an understanding of forms of financing
• An understanding of the debt

5. Identifying definitions, and the notions of public accountability (12%)

• The signification and aim of accountability in the government environment.
• The key attributes of accountability (e.g., organization structure, disclosure reporting), and their interrelations.
• Components for which the government should be responsible (e.g., financial, performance, compliance, effectiveness and efficiency, stewardship of assets).
• The basic stakeholders in accountability (e.g., taxpayers, other governments, creditors, investors, legislators, future generations, underwriters).
• The communities that help to build and sustain accountability (e.g., media, legislative bodies, management, employees, analysts, taxpayers).
• The techniques used to manifest, prove, and assess accountability and transparency (e.g., performance reports, audit reports, oversight hearings, program evaluations, electronic reports, service efforts and accomplishment reports).
• The techniques used to assess fiscal sustainability and solvency.
• Concepts of open government, data transparency and citizen-centric reporting.

6. Ethics as implemented to the governmental environment (10%)

7. Delivering government information and services electronically (8%)

Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB)

1. Governmental financial reporting, accounting, and budgeting general knowledge (40%)

• Influences, concepts of financial reporting and standards-setting.
• Cost accounting.
• Budgeting.
• General principles.

2. Local and State  financial reporting and accounting (30%)

• Financial reporting and accounting standards. 
• Reporting and fund accounting. 
• Government throughout financial reporting.
• Accounting for a specific asset and reporting for liability transactions.
• Revenue, expenditures and other operating statement proceedings.

3. Federal financial reporting and accounting (30%)

• Federal budgeting.
• Federal budgetary accounting.
• Federal reporting foundations and financial accounting. 
• Federal financial management and statements discussion and analysis.
• Federal financial accounting illustrations and standards. 

Examination 3: Governmental Financial Management and Control (GFMC)

1. Financial management (25%)

• Cash management.
• Investment management.
• Credit management.
• Acquisition management and procurement.
• Property management.
• Supply and Inventory management.
• Financial management systems.

2. Managerial and Financial Analysis Techniques (15%)

3. Internal dominance (25%)

• The regulatory and legal history of internal controls.
• The frame of the internal controls.
• Management and responsibilities.

4. Performance management//service attempt and accomplishments (15%)

• The principle for performance measurement.
• Characteristics, types, and limitations of the performance measures.
• The record of performance measures, including current guidelines and requirements. 

5. Auditing (20%)

• What is an audit?
• Audit procedure.
• Other audit issues.

Exam Pattern 

• Exam Name: Certified Government Financial Manager (CGFM)
• Number of Questions: 115
• Length of Time:  135 minutes 
• Registration Fee: $125 
• Passing score: 500 (on a scale of 200-700)

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