Understanding the CGFM Exam Structure
The CGFM exam consists of three parts, each focusing on a specific domain of government financial management. Understanding the structure and content of these exams is crucial for effective preparation.
Part 1: Governmental Environment
This section assesses a candidate’s knowledge of the unique aspects of government structure, laws, and financial policies. Key topics include government structures and legal foundations, governmental ethics, public accountability, financial management functions, and internal control and risk management.
Part 2: Governmental Accounting, Financial Reporting, and Budgeting
This part is considered one of the most challenging sections of the CGFM exam. It covers governmental accounting standards, financial reporting frameworks, fund accounting principles, budgeting processes in government, and financial statement analysis.
Part 3: Governmental Financial Management and Control
This section tests knowledge in auditing and internal controls, cash management and investments, financial management systems, grants and contract management, and performance measurement and reporting.
Each part of the CGFM exam consists of multiple-choice questions, with a total testing time of 2 hours and 15 minutes per section.
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