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The CGFM certification program is highly respected in the industry and is recognized as a mark of excellence in government financial management. By earning a CGFM certification, professionals can enhance their career prospects and demonstrate their commitment to the highest standards of ethics and professionalism in government financial management.

Reference: https://www.agacgfm.org/CGFM-Certification/About-CGFM.aspx

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Individuals who pass the CGFM Exam are eligible to receive the CGFM certification, which is a professional credential that is recognized by employers, clients, and colleagues as a sign of expertise in government financial management. Certified Government Financial Manager (CGFM) certification can help individuals advance their careers, increase their earning potential, and gain recognition for their expertise in the field.

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The CGFM exam consists of three included modules: Government Environment, Governmental Accounting, and Financial Reporting, and Governmental Financial Management and Control. Each of these modules tests different skills required for working in government financial management. Each module has a different weighting and includes roughly 20-25% of the exam content.

AGA CGFM Exam Syllabus Topics:

SectionObjectives
CGFM Exam 1: Financial Management- Budgeting and Budget Preparation
  • 1. Budget preparation techniques
  • 2. Capital budgeting
  • 3. Budget cycle and process
- Strategic Planning and Performance Measurement
  • 1. Balanced scorecard
  • 2. Strategic planning concepts
  • 3. Performance measurement frameworks
- Risk Management and Internal Controls
  • 1. Control activities
  • 2. Enterprise risk management
  • 3. Internal control frameworks
- Government Contracting and Procurement
  • 1. Procurement processes
  • 2. Contract administration
  • 3. Contract types and evaluation
- Financial Management and Analysis
  • 1. Financial analysis techniques
  • 2. Working capital management
  • 3. Cash management
- Revenue, Expenditure, and Expense Recognition
  • 1. Revenue recognition principles
  • 2. Cost accounting concepts
  • 3. Expenditure accounting
CGFM Exam 3: Financial Reporting, Control, and Analysis- Financial Statement Analysis
  • 1. Ratio analysis
  • 2. Liquidity and solvency analysis
  • 3. Performance evaluation metrics
- Auditing in the Government Environment
  • 1. Government auditing standards (GAGAS)
  • 2. Audit planning and reporting
  • 3. Single Audit Act
- Control Frameworks and Systems
  • 1. Monitoring activities
  • 2. IT controls and security
  • 3. COSO internal control framework
- Financial Reporting
  • 1. Management's discussion and analysis (MD&A)
  • 2. Comprehensive annual financial report (CAFR)
  • 3. Basic financial statements
- Compliance and Accountability
  • 1. Grant compliance requirements
  • 2. Accountability reporting
  • 3. Legal and regulatory compliance
CGFM Exam 2: Governmental Accounting- Budgetary Accounting
  • 1. Budgetary control
  • 2. Encumbrance accounting
  • 3. Budgetary entries
- Principles of Governmental Accounting
  • 1. GAAP for governments
  • 2. Fund accounting concepts
  • 3. Governmental accounting fundamentals
- GASB Standards
  • 1. GASB conceptual framework
  • 2. Key GASB pronouncements
  • 3. Financial reporting entity
- Federal Government Accounting
  • 1. Federal accounting standards
  • 2. Federal financial reporting
  • 3. USSGL concepts
- Fund Accounting and Financial Reporting
  • 1. Financial statement preparation
  • 2. Fund types and classifications
  • 3. Modified accrual basis
- State and Local Government Transactions
  • 1. Capital projects and debt service funds
  • 2. General fund accounting
  • 3. Special revenue funds

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