Certified Government Financial Managers

Why Become a Certified Government Financial Manager?

Working for a government agency as a financial manager is similar to working for a private business or non-profit. You may work for the federal government, the military, public schools, or even for law enforcement. These agencies and others also need their funds to be carefully managed so that they are able to purchase needed equipment and pay their employees. Working for the government also means that you’ll work within a well-defined job role, following clear expectations from your supervisors.

As a federal government employee, you’ll be able to choose from a huge number of agencies such as the Securities and Exchange Commission (SEC), the Federal Bureau of Investigation (FBI), and the US Government Accountability Office (GAO), among others. The military (all branches) also needs professionals in accounting and finance to help them manage their various financial matters.

As a government financial manager, you’ll oversee employees, prepare financial records, review reporting systems, analyze finance reports, monitor payroll, and answer questions from elected officials.

What is a Government Financial Manager?

A government financial manager is a finance specialist or accountant with specialized abilities and knowledge working in the government sector. In your role, you may specialize in auditing or financial reporting, among other things.

To become a government financial manager, you’ll need at least a bachelor’s degree from an accredited university. And, once you’ve graduated, you need to study for the Certified Government Financial Manager (CGFM).

What Does a Government Financial Manager Do?

Your responsibilities will be many in this position. You’ll analyze financial data as you track the financial health of your agency. You’ll create financial reports, strategies, and plans for the long-term financial health of your government agency.

You’ll also prepare financial forecasts and business activity reports for your supervisor and oversee the employees tasked with budgeting and financial reporting. You’ll monitor all financial details in reporting to ensure that all legal requirements have been satisfied. You’ll also carry out tasks that are specific to your organization or industry within the government. This may include healthcare finance for organizations involved with healthcare, such as a military hospital. Or you may deal with cash or credit managers, controllers, insurance managers, risk managers, or treasurers or finance officers for your department. This also means you need to be familiar with current regulations and tax laws affecting your industry.

While professional certification isn’t mandatory, you may still want to obtain this recognition. It will serve to denote an extra level of competence in your job role. You’ll also need to have other business skills in order to be successful: communication, analytical, and organizational. You should also be detail-oriented.

Requirements to Become a Certified Government Financial Manager

1. Degree Necessary

To be considered eligible to take any Certified Government Financial Manager (CGFM) exams, you are required to hold a bachelor’s degree (any discipline) from an accredited college or university. This institution must be located in the US. However, if your degree is from a foreign university, you are required to submit a report that says your degree is equivalent to either a bachelor’s or master’s degree.

Request your official transcript from your accredited university before you take a CGFM exam. The transcript must contain your name, your university or college’s name, confirmation that a bachelor’s or master’s degree was conferred, and the date you received it.

2. Subject Focus

The CGFM examination content is spread across three exams: governmental environment, governmental accounting, financial reporting and budgeting; governmental financial management and control. The Association of Government Accountants works to keep all three exams current and up to date, so they will cover the most recent developments in the accounting field.

Governmental Environment: Material on this test covers local, state, and federal government and how each interacts with the other. Much of the exam requires an understanding of the three branches of government, its components, and how each level of government operates.

Governmental Accounting, Financial Reporting and Budgeting: This exam delves into governmental financial accounting, managerial cost accounting, and fee establishment.

Governmental Financial Management and Control: The material on this test covers financial management functions, financial and managerial analysis techniques, internal control, performance measurement/metrics/service efforts and accomplishments, and auditing.

3. Exams

Now that you know what each of the three exams covers, you need to know how long you’ll be sitting for each one. The Association Governmental Accountants (AGA) gives three exams that require governmental accountants to learn the materials and the standards to which they will be working.

AGA administers each exam at separate times year-round via more than 200 VUE testing centers in the US. The exams are offered three times each year at Pearson VUE testing centers. With more than 200 testing centers throughout the US, you’ll easily be able to find a center where it’s convenient for you to sit for your exam.

Each exam contains 115 questions. The exams are scheduled to last for 2 hours and 15 minutes.

How is the Certified Government Financial Manager Exam Scored?

After you complete each of your exams, you’ll be given your results right away. You’ll only learn whether you passed or failed, based on a printout that will be given to you. Or you may see the pass/fail on a computer screen.

If you didn’t pass your exam, you’ll receive a document that shows your scaled score. Using your Pearson VUE account, you’ll be able to get access to a detailed score report which tells you how you performed in each area.

The test scores are scaled and linked to raw scores. Exams for CGFMs use a scale of 200 to 700; 500 is the passing score. The most recent score you earned is the only one that is accessible through your account – it may also be a good idea to print out the score report you’re concerned about before you retake an exam.

Study Resources and Preparation for the Certified Government Financial Manager Exam

As you get ready to begin studying for your CGFM exam, you should familiarize yourself with several effective study tips. Giving yourself every opportunity to learn and familiarize yourself with exam material means you have a better chance of passing each exam.

• Read all you can find about the CGFM certification via the AGA website

• Ask yourself why you chose incorrect answers, don’t just check which ones are right

• Understand that the study guides are a resource in helping you to study for your exam - They aren’t intended to give you answers to individual questions

• As you study, figure out if you need deeper preparation so you can study as effectively as possible

Practice exam tips:

• Keep track of how long it takes you to complete all 115 questions of practice questions. You have no more than 2 hours and 15 minutes for the real exam

• Print out the results of your practice exams and study the references for the questions you missed

During your exam:

• Work slowly and read each question completely; look for specific wording to help you figure out the right answer

If you need to retake the exam:

• Take your instant report home so you can use it to help you study effectively

• Contact Pearson VUE so you can schedule a new exam date – you should do this within one week of taking your exam

• Return to the content outline of the exam - Highlight each area where you struggled and focus on them

• You may not discuss exam questions with anyone - This includes AGA staff

• Remember, other successful CGFMs have had issues with at least one of the exams and they eventually passed all three, so keep working at it.

CGFM Certification: https://www.agacgfm.org/CGFM-Certification/Candidates/Preparing-for-Exams/CGFM-Study-Guides.aspx

1. Difficulty

The CGFM exam is like many other certifications of its type. There is plenty to remember and you are studying, not as a student but as a professional with work, family, and other responsibilities to maintain. Mental preparation is a large part of approaching each one of your exams. As long as you understand the ask in front of you and spend enough time applying yourself to the task of studying as the exam date gets closer, you, like many before you, should be able to pass the test without too much trouble.

Along with learning the material, you also need to learn some skills or refine them. These include communication, marketing, and sales skills.

2. Cost

Once you have been accepted into the CGFM program, it’s time to schedule your testing date with Pearson VUE. Then, you pay for your exam fee, which is $125, using a credit card, when you schedule the date for your exam. You can also pay by check, but you should check with the site to verify exactly how to do that, as the rules may change from state to state.

Before you choose the examination appointment you want (testing center or online exam), read the testing policies and procedures so you understand everything that pertains to your ability to take and pass the exam. Once you have read each policy, then you can schedule your exam appointment without worrying that you’re missing something.

Financial supervisors that prefer an occupation in the federal government can obtain the Licensed Federal federal government Financial Manager certification. The certification identifies capabilities and special understanding in locations such as economic protection, auditing as well as budgeting in government offices. It's the requirement for determining federal government financial supervisors. According to the U.S. Bureau of Labor Statistics, economic supervisors with qualification have one of the most effective job opportunities.

The Accredited Government Financial Manager (CGFM) credential shows experience as well as proficiency, separating people that have actually made a considerable commitment to their professional growth. A CGFM has: CGFMs need to pass 3 rigorous evaluations, covering critical topics including federal government, state and neighborhood bookkeeping as well as coverage; economic surveillance features; efficiency measurement; internal controls and also bookkeeping.

We supply training at the Essential, Introductory, Intermediate, and also Advanced capability levels. Training programs focus on terms and likewise principles, along with the regulations, policies, requirements, policies, as well as treatments that underpin government monetary management. Shown by trainers with real-world experience in the field, a great deal of programs highlight sensible application of the capabilities discovered.

The Licensed Federal Government Financial Manager (CGFM) credential exhibits experience along with proficiency, differentiating individuals that have really made a considerable dedication to their specialist development. A CGFM has: CGFMs require to pass 3 extensive assessments, covering crucial topics consisting of government, state as well as regional audit in addition to reporting; financial tracking features; efficiency dimension; internal controls as well as likewise accounting.

We provide training at the Basic, Introductory, Intermediate, and likewise Advanced capacity degrees. Training training courses focus on terms and likewise concepts, together with the regulations, plans, demands, plans, and procedures that underpin government economic administration. Educated by instructors with real-world experience in the field, a great deal of programs highlight reasonable application of the capacities learned.

Student for any type of type of Licensed Federal Government Financial Supervisor (CGFM) assessment is usually an uphill struggle nevertheless you definitely desire to ensure that you have ample research materials at your clearance. When it comes to the AGA CGFM examination product is of utmost worth. You do not prefer something that is dated as well as you absolutely do not desire something that is not sensible to take advantage of.

When looking for a job, many people are confused about what the Certified Government Financial Managers (CGGM) qualifications entail. They assume that the CGGM certification is an indicator of a person's ability to manage a government agency or government program, and not much more. The Certified Government Financial Managers (CGGM) qualification does not lie on this, as many people assume.

The Certified Government Financial Management (CGFM) qualification stands for "Certified Government Financial Management Specialist"certified Government Financial Specialist". The Certified Government Financial Management (CGFM) qualification encompasses the entire field of public sector financial management including federal, state and local agencies. The certification is available to all Federal employees and Federal civilian personnel.

Most government agencies, both state and national, have specific departments for managing their money, and these departments must be maintained by trained professionals who possess the Certified Government Financial Management qualification. In addition, CGGM specialists must also be able to effectively communicate with all their managers. Their job responsibilities are essential to the management of the agency, as well as to the success of its projects. These responsibilities may include: budget planning, financial management, financial consulting, asset management, risk management, compliance with laws, and project management.

A Certified Financial Manager is expected to possess leadership skills, which will include being able to effectively delegate and coordinate tasks among their staff. This is not to say that they can't have a say in how a project is carried out. In fact, most CGFM specialists are given a certain amount of latitude on how they plan projects and who carries out those plans, and their performance will reflect this level of latitude.

Good communication skills are essential, because your job description as a Certified Government Financial Manager may involve a lot of interaction with staff. It is also important to understand that the CGGM qualification is based on a standardized set of exams that must be passed in order to be certified. These exams are typically administered by three separate organizations, but not every organization administers them.

Some of the areas that a CGFM specialist may work with in the federal government include: financial analysis, budget planning and forecasting, credit risk, general management, financial statements, business planning, business finance and public accounting. CGGM certification will give candidates a solid foundation for their careers in the private and public sectors, and make them well-qualified for positions in other governmental agencies.

A Certified Government Financial Manager job outlook is quite good, as most of the jobs are in demand. Many jobs offer higher salaries, benefits, and greater job security than typical positions. Many companies require this level of certification in order to hire someone with this profile, and many government agencies have been known to use financial management specialists to help oversee their projects.

The job outlook for Certified Government Financial Managers is very good, and they are in demand across the country. As a result, there are a number of certified CGGM job outlooks across the board, from the small business administration to major corporations.

CGGM certification is typically required in order to work in government agencies. Most agencies require a certain amount of certifications in order to qualify, and if you do not have certification, it is often possible to get by with an associate's degree. However, CGGM certification is usually required before they consider hiring someone, as they want a person who is qualified, experienced, and possesses the ability to be a good leader.

Many agencies hire Certified Government Financial Managers as consultants. Many of these consulting firms specialize in advising the government on how to run its finances, while they also provide financial management advice to private companies.

To become a Certified Financial Specialist, you must first complete a program from an accredited university or institution and then spend three years in a Master of Business Administration program. At the completion of your program, you will take an exam and become a CGGM specialist, and obtain a credential.

There are many types of financial management specialists, and you must have an extensive knowledge and expertise in financial management. Some specialists work with large corporations in the private sector, while others work for the government, but the two are not mutually exclusive.

Career & Salary

1. Where Might You Work?

Once you’ve graduated and passed your certification exams, where will you work? You can, of course, expect to work for a government agency; this may be local, state, or federal.

For instance, you may work for the General Services Administration (GSA), the FBI, US Department of the Treasury, IRS, the US Government Accountability Office (GAO), or the General Accounting Office).

You may also work for a state or local government, managing local revenues. performing compliance and federal audits of either state or local government entities, or carrying out white-collar crime investigations.

2. Career Outlook

The employment picture for government financial managers looks good. Between 2018 and 2028, the estimate is that employment will increase by 16%, much faster than normal for most positions. After economic downturns and recessions, individuals, retirees, companies, and governments need the services that financial planners and financial managers provide.

Any time there is a crisis and government coffers are depleted, they need to make wise investments to refill them again—schools, health departments, environmental offices, and other agencies need to make sure they have the money to run their vital operations.

Financial managers plan where to buy, sell, or invest and then direct those investments so they earn the highest returns. If you are specializing in one form of financial management, such as risk management or cash management, you’ll be in high demand. The financial management industry has noted a stronger emphasis on risk management in recent years. Government financial managers who make decisions based on stability rather than risk are more likely to assist their employers in rebuilding funds, rather than losing money. It is these specialists who are likely to see a higher demand for their services.

States with an industry that is vulnerable to recessions particularly need the services of government financial managers. If oil prices, for instance, drop suddenly, that means the state loses. A knowledgeable financial manager can help soften these types of blows.

3. Jobs

• Financial Manager: In this position, you provide recommendations and guidance to higher-level managers on situations that affect financial management standards.

Average annual salary: $130,000 up to $170,000

• Controller: This position often requires you to hold your CPA. In your work, you’ll make sure that the agency you’re employed with complies with all government reporting requirements: local, state, and federal.

Average annual salary: $86,000 up to $110,000

• Payroll Supervisor: In this position, you’ll have oversight and management of local treasury functions and be required to maintain accurate payroll records with local banks and government authorities.

Average annual salary: $56,000 up to $74,000

• Director of Finance: In this position, you’ll handle legal, technical, public relations, and financial problems that focus on the management of financial services programs. You’ll also often coordinate the implementation of financial changes.

Average annual salary: $98,000 up to $140,000

• Financial Manager: This position exists within many governmental departments, including branches of the military. You’ll need to have experience in the development, coordination, and organization of a fully integrated system of financial services. This includes budgeting, accounting, and financial analysis.

Average annual salary: $91,000 up to $120,000