Certified Government Financial Manager (CGFM)
Introduction
Certified Government Financial Manager (CGFM) is an exam that checks the candidate’s competency in governmental accounting, auditing, financial reporting, internal controls, and budgeting at the federal, state, and local levels and provides the candidate with a certification after the completion of the exam with results required. To be an effective government financial manager, specialized knowledge and experience are required, CGFM is a credential that recognizes the required skills.
Three rigorous examinations must be passed covering key topics that include governmental accounting, auditing, financial reporting, internal controls, and budgeting at the federal, state, and local levels. Association of Government Accountants (AGA) issues the CGFM certification in the United States.
About the Exam
It provides a professional standard of financial expertise and ethics in the government and a standard by which the financial management professionals of the government are measured. It requires experience, education, and examinations.
The benefits of CGFM are that you will have increased knowledge of government financial management and with CGFM certification you will stand out from the others in your field and can expand your career opportunities. It highlights your achievements and acts as an indicator of your experience and knowledge. It will help you market yourself through all three levels of the government and increase networking opportunities with other government financial managers.
Who should take the exam?
A candidate who has at least 2 years of professional-level experience in the U.S government financial management in federal, state, or local government and know about one or more of the following areas:
- FIrstly, Financial systems design, implementation, or operation
- Secondly, The budget formation, execution, or analysis
- Thirdly, Accounting or auditing policy and procedure development, implementation or interpretation
- Further, Accounting or auditing standards-setting
- Then, Audit of financial operations, financial statements, internal controls, or compliance with laws and regulations
- Furthermore, Audit or evaluation of program performance or operations
- Also, Audit of contract compliance or costs
- Then, Financial report design or preparation
- Financial planning or analysis
- Further, Cost or program accounting systems or asset management systems development or operation
- Lastly, Information resources management or electronic data processing.
Prerequisites
Following are the mandatory prerequisites of this exam –
- Firstly, A bachelor’s degree from a U.S. college or university that is accredited
- Lastly, Abide by AGA’s code of ethics
Exam Details
The three examinations that should be passed are:
The Government Environment
| Exam Name: | The Government Environment |
| Exam Duration: | 2 hours 15 minutes |
| Number of Questions: | 115 |
| Passing marks | 500 |
| Language: | English |
Government Accounting, Financial Reporting, and Budgeting
| Exam Name: | Governmental Accounting, Financial Reporting, and Budgeting |
| Exam Duration: | 2 hours 15 minutes |
| Number of Questions: | 115 |
| Passing marks | 500 |
| Language: | English |
Government Financial Management and Control
| Exam Name: | Government Financial Management and Control |
| Exam Duration: | 2 hours 15 minutes |
| Number of Questions: | 115 |
| Passing marks | 500 |
| Language: | English |
Exam Registration steps
- Firstly, Visit the AGA CGFM website
- Secondly, Read the code of ethics
- Thirdly, Apply for the program under the CGFM certification process
- Then, Submit the required degree documentation
- Subsequently, You will receive an eligibility letter
- Then, Prepare for the examinations
- After that, Schedule and take the examinations
- Then, Submit a work verification form
- Lastly, Once you pass the exam you will receive a CGFM award letter
For More Details See – CGFM FAQ | Certified Government Financial Manager
Course Outline/Syllabus
The Governmental Environment
- Firstly, Organization, Structure, and Authority of government (15%)
- Secondly, Legally-Based Implications of the Government Financial Environment (20%)
- Thirdly, Government Management System (Cycle) (18%)
- Then, Governmental Financing Process (25%)
- Further, Concepts, Definitions, and Notions of Public Accountability (10%)
- Also, Ethics as Applied to the Governmental Environment (7%)
- Lastly, Electronic Services in Government (5%)
Governmental Accounting, Financial Reporting, and Budgeting
- General Knowledge Section (40%)
- State and Local Financial Accounting and Reporting (30%)
- Federal Financial Accounting and Reporting (30%)
Governmental Financial Management and Control
- Firstly, Financial Management Functions (30%)
- Secondly, Financial and Managerial Analysis Techniques (10%)
- Thirdly, Internal Controls (25%)
- Further, Performance Measurement/Metrics/Service Efforts and Accomplishments (SEA) (15%)
- Lastly, Auditing (20%)
Preparatory Guide
The Certified Government Financial Manager test is a hard nut to crack. But, with the correct approach, you can earn the certifications for the aptitudes and capacities in this space. For this, it is fundamental to follow a guide so you can keep your preparations focused on scoring the best marks in the exam. To give you clarity, we have divided the phase of preparation into simpler steps in this preparatory guide. This will be helpful for you to sort out the correct methods for your studies. By executing the steps in this guide, you will have the option to build your accuracy and productivity.
Revise the Exam Objectives
It is truly critical to comprehend and get acquainted with the vital objectives of the specific certification exam. Becoming acquainted with the aims of the test will give you a better understanding of the test. Moreover, you will be able to align yourself to the course outline and goals. Also, it assists in marking up the segments that can be dealt with ease or require stern efforts.
Following are the Exam objectives of the Certified Government Financial Manager exam –
- Firstly, The Governmental Environment
- Secondly, Governmental Accounting, Financial Reporting, and Budgeting
- Lastly, Governmental Financial Management and Control
Study Resources
To prepare for the examinations, you can take up instructor-led training courses by the Association of Government Accountants offered in the most convenient ways:
- Firstly, Virtual/ live: candidates can register for scheduled classes online
- Secondly, Online/ self-paced: Go to AGA’s online training portal and purchase self-paced training
- Thirdly, In-person: You can also register for classroom training CFGM course 1,2, and 3
- Lastly, Private group training: 10-30 participants can schedule on-site or virtual live training
CGFM Guides and Other Resources
You can refer to the CGFM study guidelines on the AGA website which provides a comprehensive review of topics covered in each CFGM examination.
The study references utilized by the examination question writers will be listed at the end of each study guide, go through those materials. They also offer an intense review course for those who do self-study where in AGA instructor will explain concepts and provide examples, questions, and answers.
The study guides are available in 2 conventional formats – print(hardcopy) and online access. You can access the guides on the AGA CGFM website under CGFM study guidelines, where you will find the links to study guides of all 3 examinations under online access.
Other Resources
- Firstly, Visit the AGA CGFM bookstore which is maintained and fulfilled by Mimeo for the print version which now includes a binder.
- Also, Visit the VitalSource Bookstore where CGFM study guides are available on a 6-month subscription. The guides can be viewed online as well as offline and through their Bookshelf app.
Practice Tests
Taking a practice test is a perfect way to grasp your study plan and to increase your chances to score the best possible marks. You can focus on them to screen out the poor areas. Using these assessments for the Certified Government Financial Manager exam will help you understand the pattern of the questions and strengthen your ability to answer them. This would also help to gain the advantage of developing their time management and fast thinking skills.
