The Certified Government Financial Manager (CGFM) credential is designed for professionals who work in government financial management. Earning the credential requires passing three separate examinations covering the governmental environment, governmental accounting and reporting, and financial management and control. This guide covers the current certification requirements, exam content, fees, scoring, testing options, retake policies, and certification maintenance requirements.
What Is the CGFM Certification?
The Certified Government Financial Manager (CGFM) credential is administered by AGA, a professional association serving government financial management and accountability professionals.
The certification is designed for professionals working with government accounting, auditing, budgeting, financial reporting, internal control, financial management, grants, performance management, and related areas.
AGA launched the CGFM certification in 1994. The credential focuses specifically on the financial management environment of federal, state, local, and tribal governments.
AGA is the organization’s current name. It was formerly known as the Association of Government Accountants, but the organization officially simplified its name to AGA in 2022.
What Are the Requirements to Become a CGFM?
To earn the CGFM credential, you must complete four major requirements:
Education: Hold a bachelor’s degree or higher in any subject from an accredited U.S. college or university.
Examinations: Pass all three CGFM examinations.
Experience: Complete at least two years of professional-level experience in U.S. government financial management.
Ethics: Read and agree to abide by the AGA Code of Ethics.
Education Requirement
A bachelor’s degree or higher is required, but the degree can be in any subject area.
AGA requires a copy of your official transcript as proof of the degree. The transcript must be received within six months of your CGFM application and generally must be approved before you can take the examinations.
If you are currently enrolled and within one year of completing a bachelor’s degree, AGA may allow you to begin the CGFM process before the degree is formally awarded. You should contact AGA before applying under this provision.
Professional Experience Requirement
You need at least two years of professional-level experience in U.S. government financial management before the CGFM credential can be awarded.
You do not need the two years of experience before taking the exams. The experience requirement can be completed after you pass the examinations, but AGA must approve your Work Verification Form before you can use the CGFM designation.
Qualifying work may involve activities such as:
Government accounting and financial reporting
Financial planning, analysis, or research
Budgeting
Government auditing or attestation work
Internal control and compliance
Government grants or contracts
Financial systems
Government financial or performance management
You do not necessarily have to work directly for a government agency. Certain private-sector, nonprofit, consulting, auditing, or academic work can qualify when it directly involves U.S. government financial management.
The Three CGFM Examinations
Every CGFM candidate must pass all three examinations, regardless of other professional credentials or previous work experience.
You may take the exams in any order, and you do not need to take them all on the same day.
CGFM Exam Format
All three CGFM examinations use the same basic format.
Each exam contains 115 questions and provides 2 hours and 15 minutes of testing time.
AGA includes additional time within the testing period so candidates can submit comments about individual exam questions when appropriate.
Examination 1: Governmental Environment
The Governmental Environment examination measures your understanding of how government is structured, financed, managed, and held accountable.
| Content Area | Weight |
|---|---|
| Organization, Structure and Authority of Government | 16% |
| Legally Based Implications of the Government Financial Environment | 15% |
| The Government Management System (Cycle) | 15% |
| Governmental Financing Process | 20% |
| Concepts, Definitions and Notions of Public Accountability | 16% |
| Ethics as Applied to the Government Environment | 10% |
| Providing Government Services and Information Electronically | 8% |
Organization and Structure
You should understand federal, state, local, and tribal government structures; the legislative, executive, and judicial branches; separation of powers; governmental authority; and relationships among different types and levels of government.
Government Financial Environment
This area includes sovereignty, taxation and borrowing authority, fiscal and monetary policy, budgeting, legislative financial control, debt, and other legal features that distinguish government finance from private-sector finance.
Government Management System
Topics include the relationships among strategic planning, programming, budgeting, operations, accounting, reporting, auditing, and the use of data in decision-making.
Governmental Financing
You should understand taxation, intergovernmental revenue, grants, cooperative agreements, loans, user fees, debt, public-private partnerships, and other methods governments use to finance programs and services.
Public Accountability
Topics include financial and program accountability, transparency, oversight, performance reporting, audits, fiscal sustainability, open-government concepts, and reporting to stakeholders.
Ethics
This area covers professional conduct, conflicts of interest, independence, objectivity, due care, use of public office, whistleblower issues, and ethical responsibilities of government financial professionals.
Electronic Government Services
Topics include electronic delivery of services, public access to information, communications technology, cybersecurity, privacy, encryption, and information-security considerations.
Important update: The current Exam 1 weighting is substantially different from the older outline still shown on this StudyGuideZone page. For example, Governmental Financing is now 20%, Public Accountability is 16%, Ethics is 10%, and Electronic Government Services is 8%.
Examination 2: Governmental Accounting, Financial Reporting and Budgeting
Examination 2 covers accounting and financial reporting principles that apply across government, followed by separate state/local and federal sections.
| Content Area | Weight |
|---|---|
| Governmental Financial Accounting, Reporting and Budgeting: General Knowledge | 40% |
| State and Local Financial Accounting and Reporting | 30% |
| Federal Financial Accounting and Reporting | 30% |
General Governmental Accounting, Reporting and Budgeting – 40%
Topics include the objectives of governmental financial reporting, standards-setting organizations, accounting concepts, budgeting, bases of accounting, financial statements, financial reporting, and differences between governmental and private-sector accounting.
State and Local Accounting and Reporting – 30%
This section focuses heavily on GASB-based reporting, including reporting entities, funds, governmental activities, proprietary activities, fiduciary activities, capital assets, long-term obligations, financial statements, required supplementary information, and the Annual Comprehensive Financial Report.
Federal Accounting and Reporting – 30%
Topics include FASAB standards, federal budgetary and proprietary accounting, the U.S. Standard General Ledger, appropriations and obligations, federal financial statements, reporting entities, agency financial reporting, and related federal accounting concepts.
Examination 3: Governmental Financial Management and Control
Examination 3 focuses on the practical systems, controls, analysis, auditing, and management techniques used to manage public resources.
| Content Area | Weight |
|---|---|
| Financial Management Functions | 22% |
| Financial and Managerial Analysis Techniques | 20% |
| Internal Control | 25% |
| Performance Measurement, Metrics, and Service Efforts and Accomplishments | 13% |
| Auditing | 20% |
Financial Management Functions – 22%
Topics include cash management, investment management, procurement, grants, debt, property management, risk management, financial-management systems, shared services, and project management.
Financial and Managerial Analysis – 20%
You should understand analytical techniques such as present and future value, cash-flow analysis, payback analysis, trends, ratios, regression analysis, earned-value management, data analytics, and forensic techniques.
Internal Control – 25%
This is the largest category on Examination 3. Topics include internal-control objectives and frameworks, control deficiencies, financial reporting controls, program and operational controls, compliance, fraud prevention and detection, management responsibilities, auditor responsibilities, enterprise risk management, and information-technology controls.
Performance Measurement – 13%
This section covers performance measures, organizational goals, financial and nonfinancial measures, strategic planning, budgeting, inputs, outputs, outcomes, efficiency measures, baselines, benchmarks, and public reporting.
Auditing – 20%
Topics include financial audits, attestation engagements, performance audits, audit standards, auditor independence, materiality, audit reports, auditee responsibilities, and requirements associated with audits of government entities and federal awards.
Exam 3 has also changed from the old SGZ outline. Financial Management Functions is now 22% rather than 30%, Financial and Managerial Analysis is 20% rather than 10%, and Performance Measurement is 13% rather than 15%.
How Much Does the CGFM Cost?
There are two types of costs: the initial CGFM Program application fee and the fee for each of the three examinations.
If you pass all three examinations on the first attempt, the exam fees total $450, in addition to the applicable application fee.
The initial application fee is nonrefundable.
How Do I Apply for the CGFM?
1. Review the certification requirements and Code of Ethics.
Confirm that the CGFM credential fits your professional goals and that you can meet the education, examination, experience, and ethics requirements.
2. Submit the CGFM Program application.
Apply through AGA and pay the applicable application fee.
3. Submit your transcript.
AGA must receive acceptable proof of your bachelor’s degree within six months of your application.
4. Receive your eligibility letter.
Once the application, payment, and education documentation are approved, AGA sends an eligibility letter containing the information needed to schedule the exams.
5. Schedule your examinations through Pearson VUE.
You may take the exams at a testing center or through online proctoring.
6. Pass all three examinations.
The exams may be taken in any order.
7. Complete your professional experience requirement.
Submit a Work Verification Form documenting at least two years of qualifying professional-level government financial management experience before the CGFM designation is awarded.
How Long Do I Have to Pass All Three Exams?
Your examination eligibility period lasts 18 months from the date AGA approves your CGFM application.
You must pass all three examinations during that eligibility period.
The old three-year exam window is no longer current. If your 18-month eligibility expires before you pass all three exams, you generally must reapply and pass all three examinations during a new eligibility period. AGA may grant a limited extension if you have already passed at least one exam before your eligibility expires.
The separate professional-experience requirement must be completed and documented within four years of your acceptance into the CGFM Program.
Where Can I Take the CGFM Exams?
All three examinations are offered year-round through Pearson VUE.
Take the computer-based exam at a Pearson Professional Center. Testing is available at more than 200 locations in the United States, Canada, and some international locations.
Take the examination from your home or office using Pearson VUE’s OnVUE remote-proctoring system if your equipment and testing environment meet the current requirements.
Can I Reschedule or Cancel?
Yes. You must cancel or reschedule your Pearson VUE appointment at least 24 hours before the scheduled exam time.
If you cancel or reschedule within 24 hours, or fail to appear for the appointment, you may forfeit the examination fee.
The old 48-hour rule is outdated. AGA and Pearson VUE currently require at least 24 hours’ notice for a standard cancellation or rescheduling.
How Is the CGFM Exam Scored?
CGFM examination scores use a scaled score ranging from 200 to 700.
You need a scaled score of at least 500 on each examination to pass.
The scaled score is not simply the percentage of questions answered correctly. Scaling allows results from different versions of an examination to be reported using the same standard.
When Will I Get My Results?
You receive an immediate pass/fail result after completing each examination.
If you pass, your score report states that you passed rather than displaying a numerical score.
If you do not pass, the score report includes:
Your scaled score
Your performance level in each major content area
AGA notes that only the most recent score report for each exam is accessible through the Pearson VUE account, so candidates may want to save or print previous reports before retesting.
What If I Don’t Pass?
You may retake an unsuccessful CGFM examination while your eligibility period remains active.
After your first unsuccessful attempt at a particular exam, you must wait at least 30 days before taking that examination again.
If you fail the same examination more than once, subsequent retakes require a 60-day waiting period.
There is no stated limit on the total number of attempts while your CGFM examination eligibility remains active.
The old 90-day second-retake rule is outdated. The current waiting period after more than one failure of the same exam is 60 days.
How Do I Maintain the CGFM Certification?
CGFM certification must be kept in active status through annual renewal and continuing professional education.
Current Requirements Through 2026
Renew the CGFM certification every year.
Complete at least 80 hours of qualifying CPE every two years.
Include at least 4 hours of ethics CPE during the two-year cycle.
Continue to follow the AGA Code of Ethics.
The current annual CGFM renewal fee is $40 for active AGA members and $85 for nonmembers.
Changes Beginning in 2027
Upcoming change: For CPE cycles beginning on or after January 1, 2027, the total CPE requirement will decrease from 80 hours to 70 hours per two-year cycle. Beginning January 1, 2028, AGA membership will also be required to maintain the CGFM certification.
How Can I Prepare for the CGFM Exams?
Because the credential requires three broad examinations, it is usually more effective to prepare for one exam at a time rather than attempting to study the entire CGFM body of knowledge simultaneously.
Start with the current AGA content outline for the examination you plan to take. This is especially important for Examination 1 and Examination 3 because their current percentage weights differ substantially from many older CGFM preparation resources.
CGFM Study Checklist
Use the current content outline rather than an older CGFM blueprint.
For Exam 1, review government structure, budgeting, financing, accountability, ethics, and electronic government services.
For Exam 2, distinguish clearly among general governmental accounting principles, state/local GASB reporting, and federal FASAB reporting.
Know the purposes and characteristics of governmental funds, financial statements, budgets, and reporting entities.
For Exam 3, spend substantial time on internal control because it represents 25% of the examination.
Practice financial and managerial analysis because the current Exam 3 outline assigns it 20% of the test.
Review auditing standards, internal-control frameworks, performance measurement, financial systems, and data analysis.
Use practice questions to identify weak content areas instead of relying only on passive reading.
Complete timed practice so you are comfortable answering 115 questions within 135 minutes.
CGFM Study Resources
Use these resources for additional CGFM review and practice.
CGFM® and Certified Government Financial Manager® are registered trademarks of AGA. AGA is not affiliated with StudyGuideZone or Mometrix Test Preparation and does not endorse these products or services.