AGA Certified Government Financial Manager (CGFM) : CGFM

  • Exam Code: CGFM
  • Exam Name: Certified Government Financial Manager (CGFM)
  • Updated: Aug 16, 2026
  • Q & A: 115 Questions and Answers

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About AGA CGFM Exam Questions

Study Guide of AGA CGFM: Certified Government Financial Manager (CGFM) Exam

CGFM study materials are now accessible as a 6-month subscription in the VitalSource bookstore. The guidelines may be accessed on, off and through the bookshelf application. Each chapter and part of the three study guides have been reviewed. Some adjustments were editorial/clear, some represent changes in contents and some reflect changes in rules. Added material, including two new sections in Reference Book 3 and Study Guide 2, will contain fresh language on the fundamental accounting concepts, to match updated test topic outlines. The changes to the regulations include new legislative information and content updates reflect applicable advice of the GASB and the FASAB. The first chapter of the study guideline 3 (audit part) has been revised to match the 2018 Yellow Book version. Examples, pictures, references and appendices were all revised as part of the overall update. Due to the extent of the changes, we suggest that every publishing be reviewed in its completeness. Employees who are not permanently retired from AND in the area of financial management may, by contacting us, seek a modification of their status to “retired.” People should mention their retirement dates and affirm that they do not work in the area of financial management. At the time of retirement the CGFMs must be active so that their status is converted to “retired”, when the CGFM first goes dormant, the person must re-activate the designation before changing the CGFM status to “retired”. Therefore, the retired CGFMs in the second half of the year should reappoint in that year-to prevent their CGFM from becoming inactive and from adapting to a “retired” state. AGA CGFM exam dumps contain all the material which is necessary for the examination.

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Cost of the AGA CGFM: Certified Government Financial Manager (CGFM) Exam

AGA CGFM: Certified Government Financial Manager (CGFM) Exam cost is $125 all over the world, however the prices of the courses varies on the basis of the local currencies of the country.

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

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Exam format of AGA CGFM: Certified Government Financial Manager (CGFM) Exam

Name of the Examination: AGA CGFM: Certified Government Financial Manager (CGFM) Exam

Duration of the exam: 135 minutes

Early-requirement: 2 Year professional Experience

Passing Score: 500

AGA CGFM Exam Syllabus Topics:

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

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