The CGFM exams, formally known as the Certified Government Financial Manager Examinations, are assessments for men and women who wish to enter the rewarding and rapidly growing field of government financial management. The exams are developed by the Association of Government Accountants in consultation with an expert team of test administrators.
There are three CGFM exams: Examination 1 covers the Governmental Environment; Examination 2 covers Governmental Accounting, Financial Reporting, and Budgeting; and Examination 3 covers Governmental Financial Management and Control.
Examination 1 consists of 115 multiple-choice questions and must be completed within two hours and 15 minutes. It covers seven general topics: the organization, structure, and authority of government (15 percent of the exam); legal and other aspects of the government environment (25 percent); the government management system, including planning, programming, budgeting, operations, accounting, reporting, and auditing (15 percent); the governmental financing process (25 percent); the concepts, definitions, and notions of public accountability (5 percent); ethical practice as a government financial manager (5 percent); and financial management responsibilities and skills (10 percent).
The second of the CGFM exams also consists of 115 multiple-choice questions and takes two hours and 15 minutes to complete. This portion has only three general content areas: general concepts of governmental financial accounting, reporting, and budgeting (40 percent of the exam); state and local financial accounting and reporting (30 percent); and federal financial accounting and reporting (30 percent).
Like its two counterparts, the third exam, Governmental Financial Management and Control, consists of 115 questions and must be completed within two hours and 15 minutes. This component of the CGFM exams has five general content areas: internal controls (25 percent of the exam); internal and external auditing (25 percent); performance measurement recording (13 percent); financial and managerial analysis techniques (7 percent); and financial and managerial concepts, controls, and techniques (30 percent).
Pass/fail scores for the CGFM Exams are delivered immediately upon completion. Candidates who do not pass receive a scaled score, including specific scores for each content area. The scaled score ranges from 200 to 700, with a minimum passing score of 500.
CGFM Study Guide
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