AGA CGFM Exam Details & Actual Exam Questions

Exam Code/Number: CGFM
Exam Name/Title: Certified Government Financial Manager (CGFM)
Certification Provider: AGA
Corresponding Certification: AGA CGFM

Exam Questions: 115
Updated On: Aug,01 2026
Certification Level: Professional

AGA Certified Government Financial Manager (CGFM) Exam Questions

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AGA CGFM Exam Overview:

Certification Vendor:	AGA (Association of Government Accountants)
Exam Name:	Certified Government Financial Manager (CGFM)
Exam Number:	CGFM Exams 1-3
Available Languages:	English
Certificate Validity Period:	3 years (requires continuing education for renewal)
Real Exam Qty:	110 per exam
Passing Score:	70%
Exam Duration:	180 (3 hours per exam)
Exam Format:	Multiple-choice
Exam Price:	USD 260 per exam (members); USD 380 per exam (non-members)
Sample Questions:	AGA CGFM Sample Questions
Exam Way:	Computer-based testing (CBT) at Pearson VUE testing centers; Online proctored testing available
Pre Condition:	Must have a bachelor's degree or equivalent; recommended 2+ years of government financial management experience; AGA membership is encouraged but not required
Official Syllabus URL:	https://www.agacgfm.org/CGFM/Certification.aspx

AGA CGFM Exam Syllabus Topics:

Section

Objectives

Topic 1: CGFM Exam 2: Governmental Accounting

- Budgetary Accounting

1. Encumbrance accounting
2. Budgetary control
3. Budgetary entries

- State and Local Government Transactions

1. General fund accounting
2. Capital projects and debt service funds
3. Special revenue funds

- Federal Government Accounting

1. USSGL concepts
2. Federal accounting standards
3. Federal financial reporting

- GASB Standards

1. GASB conceptual framework
2. Financial reporting entity
3. Key GASB pronouncements

- Principles of Governmental Accounting

1. Governmental accounting fundamentals
2. GAAP for governments
3. Fund accounting concepts

- Fund Accounting and Financial Reporting

1. Financial statement preparation
2. Fund types and classifications
3. Modified accrual basis

Topic 2: CGFM Exam 3: Financial Reporting, Control, and Analysis

- Financial Statement Analysis

1. Liquidity and solvency analysis
2. Ratio analysis
3. Performance evaluation metrics

- Auditing in the Government Environment

1. Government auditing standards (GAGAS)
2. Single Audit Act
3. Audit planning and reporting

- 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. Monitoring activities
2. IT controls and security
3. COSO internal control framework

- Compliance and Accountability

1. Accountability reporting
2. Legal and regulatory compliance
3. Grant compliance requirements

Topic 3: CGFM Exam 1: Financial Management

- Risk Management and Internal Controls

1. Enterprise risk management
2. Control activities
3. Internal control frameworks

- Revenue, Expenditure, and Expense Recognition

1. Revenue recognition principles
2. Cost accounting concepts
3. Expenditure accounting

- Financial Management and Analysis

1. Cash management
2. Financial analysis techniques
3. Working capital management

- Government Contracting and Procurement

1. Contract administration
2. Procurement processes
3. Contract types and evaluation

- Budgeting and Budget Preparation

1. Budget preparation techniques
2. Capital budgeting
3. Budget cycle and process

- Strategic Planning and Performance Measurement

1. Strategic planning concepts
2. Performance measurement frameworks
3. Balanced scorecard