CGFM Study Guides for Association of Government Accountants (AGA) Latest Update

CGFM Study Guides for Association of Government Accountants (AGA) Latest Update

The Certified Government Financial Manager (CGFM) designation, offered by the Association of Government Accountants (AGA), is a prestigious certification that signifies expertise in governmental accounting, financial reporting, budgeting, and financial management. The CGFM certification is widely recognized across federal, state, and local governments, as well as in nonprofit organizations and academic institutions. To aid candidates in their preparation for the CGFM exams, the AGA provides a comprehensive set of study guides, which are updated periodically to reflect the latest developments in laws, regulations, and practices relevant to government financial management.

Overview of the CGFM Study Guides

The CGFM study guides are designed to help candidates understand the key concepts and principles tested in the three CGFM examinations. Each study guide aligns with one of the three examinations and provides an in-depth exploration of the topics covered. In 2024, the AGA released updated editions of the CGFM Study Guides 1, 2, and 3, incorporating significant changes to ensure alignment with current government policies, practices, and regulatory frameworks.

Study Guide 1: Governmental Environment

The first study guide focuses on the governmental environment, providing a foundational understanding of how governments operate in the United States. The 2024 edition includes:

• Expanded Coverage of Laws and Regulations: New content on the Evidence Act, Freedom of Information Act, Inspector General Act, Federal Information Security Management Act (FISMA), and Uniform Guidance updates. It also includes information on Executive Order 14110.

• Additional Topics: Enhanced discussions on monetary and fiscal policy, cooperative agreements and loans, subrecipient expectations, accountability frameworks, communication tools, and the impact of emerging technologies like artificial intelligence (AI).

• Comprehensive Frameworks: Detailed explanations of the roles and responsibilities of various government entities, intergovernmental relationships, and the ethical considerations inherent in governmental operations.

This guide equips candidates with the knowledge needed to understand the structural, functional, and ethical dimensions of government operations, preparing them for Exam 1 of the CGFM certification.

Study Guide 2: Governmental Accounting, Financial Reporting, and Budgeting

The second study guide delves into governmental accounting, financial reporting, and budgeting. This area is critical for understanding how governments manage their finances and ensure accountability to stakeholders. Key updates in the 2024 edition include:

• New Standards and Guidelines: Updates on Statements of Federal Financial Accounting Standards (SFFAS), Governmental Accounting Standards Board (GASB) Statements and Concepts Statements, and Office of Management and Budget (OMB) Circular A-136.

• Updated Legislative Content: Incorporates information on the Evidence Act, Fiscal Responsibility Act, and Payment Integrity Information Act.

• Refined Terminology: Adjustments to language and terminology to align with the latest standards and reports, such as the Annual Comprehensive Financial Report (ACFR) and Agency Financial Reports (AFRs).

• Enhanced Budgeting Concepts: Expanded discussions on performance-based budgeting, zero-based budgeting, and the integration of budgetary practices with strategic planning and performance measurement.

This guide prepares candidates for Exam 2 by providing the tools to analyze and interpret financial data, understand budgeting processes, and assess the fiscal health of government entities.

Study Guide 3: Governmental Financial Management and Control

The third study guide addresses governmental financial management and control, emphasizing the systems, processes, and practices that ensure effective and accountable financial management. Notable updates in the 2024 edition include:

• Revised Financial Management Systems Chapter: A reorganization and expansion of content on financial management systems to provide a more comprehensive understanding of their design, implementation, and evaluation.

• New Chapter on Project Management: Introduction of project management concepts, methodologies, and tools relevant to governmental financial management.

• Enhanced Internal Controls Content: Expanded discussions on internal control frameworks, including System and Organization Controls (SOC) reporting.

• Refreshed Auditing Content: Updates related to the Uniform Guidance and clarified language to align with the latest auditing standards and practices.

This guide supports candidates in mastering the content of Exam 3, focusing on financial management, internal controls, auditing, and risk management in a governmental context.

Availability and Formats

The CGFM study guides are available in two formats to accommodate different learning preferences:

1. Print Version: Candidates can purchase printed study guides through the AGA CGFM Bookstore, managed and fulfilled by Mimeo. This format is ideal for those who prefer physical materials for note-taking and highlighting.

2. Online Access: Digital versions of the study guides are available as six-month subscriptions through the VitalSource bookstore. These can be accessed online or offline using the Bookshelf app, offering flexibility and convenience for on-the-go learning.

Examination Updates

The CGFM examinations underwent significant updates in 2024 to reflect the revised content outlines. Key examination changes include:

• Updated Content Coverage: Starting September 1, 2024, the CGFM exams began following the new content outlines. The updated exams include questions aligned with the latest laws, regulations, and practices covered in the study guides.

• Beta Testing Period: From September 1 to October 31, 2024, the updated exams were administered in a beta format through Pearson VUE testing centers. During this period, candidates’ scores were reported by December 2024.

• Resumption of Regular Testing: Regular CGFM exams resumed on January 1, 2025, with immediate score reporting available to candidates.

Preparation Recommendations

To maximize their chances of success, the AGA recommends that candidates:

1. Use the Latest Study Guides: Candidates should acquire the most recent edition of the study guides within six months of their planned examination date to ensure alignment with the updated exam content.

2. Supplement with Additional Resources: While the study guides provide a thorough review of exam topics, candidates may need to consult additional materials for a deeper understanding of specific subjects. Each study guide includes a list of reference materials for further study.

3. Review Examination References: The AGA’s website offers a list of references used by exam question writers, which can serve as a valuable resource for candidates.

Why Choose CGFM Certification?

The CGFM designation offers numerous benefits for professionals in the field of government financial management, including:

• Career Advancement: Demonstrates expertise and enhances credibility, opening doors to career opportunities in government and related sectors.

• Professional Recognition: Recognized as a mark of excellence and commitment to the highest standards of ethical and professional conduct.

• Expanded Knowledge Base: Provides a comprehensive understanding of governmental financial management, enabling professionals to contribute effectively to their organizations.

Conclusion

The 2024 editions of the CGFM study guides represent a significant step forward in aligning the certification process with the evolving landscape of government financial management. By incorporating the latest laws, regulations, and practices, these guides ensure that candidates are well-prepared to meet the demands of the CGFM examinations and excel in their professional roles. Whether accessed in print or online, the study guides offer a robust foundation for mastering the principles and practices of government financial management, making them an indispensable resource for aspiring CGFMs.