CGFM Practice Exam - Certified Government Financial Manager

Introduction of Test Prep CGFM Exam!

The Certified Global Financial Management (CGFM) exam is a comprehensive exam that tests a candidate's knowledge of government financial management. It covers topics such as budgeting, accounting, auditing, financial reporting, and internal control. The exam is administered by the Association of Government Accountants (AGA).

What is the Duration of Test Prep CGFM Exam?

The CGFM exam consists of three parts, each of which is three hours long. Therefore, the total duration of the CGFM exam is nine hours.

What are the Number of Questions Asked in Test Prep CGFM Exam?

There are a total of 150 questions on the CGFM Exam.

What is the Passing Score for Test Prep CGFM Exam?

The passing score required to pass the Certified Government Financial Manager (CGFM) exam is a scaled score of 500 or higher.

What is the Competency Level required for Test Prep CGFM Exam?

The minimum competency level required for taking the Certified Government Financial Manager (CGFM) exam is a Bachelor's degree in a related field and/or at least four years of relevant professional experience.

What is the Question Format of Test Prep CGFM Exam?

The CGFM Exam is a computer-based exam consisting of three parts:

1. Multiple-choice questions (MCQ)
2. Task-based simulations (TBS)
3. Written communication (WC)

Each part of the CGFM Exam consists of a different type of question format.

Multiple-choice questions (MCQ) consist of a question with four answer choices, one of which is correct.

Task-based simulations (TBS) consist of real-world scenarios in which the candidate must solve a problem or complete a task.

Written communication (WC) questions consist of a scenario or problem that the candidate must respond to in writing.

How Can You Take Test Prep CGFM Exam?

The CGFM exam is offered in both online and in-person formats. For the online version, applicants must register with the Association of Government Accountants (AGA) and pay the exam fee. After registering, applicants will receive an email with instructions on how to access the online exam. For the in-person version, applicants must register with the AGA and pay the exam fee, then locate a testing center near them. After registering, applicants will receive an email with instructions on how to schedule their exam at the testing center.

What Language Test Prep CGFM Exam is Offered?

The Certified Government Financial Manager (CGFM) Exam is offered in English only.

What is the Cost of Test Prep CGFM Exam?

The cost of the CGFM Exam is $250.

What is the Target Audience of Test Prep CGFM Exam?

The target audience for the Test Prep CGFM Exam is anyone who wants to become a Certified Government Financial Manager (CGFM). This includes government finance professionals, government auditors, and other government employees who need to demonstrate financial management competency.

What is the Average Salary of Test Prep CGFM Certified in the Market?

The average salary for a Certified Government Financial Manager (CGFM) is $90,000 per year. However, salaries can vary greatly depending on experience, location, and other factors.

Who are the Testing Providers of Test Prep CGFM Exam?

The Association of Government Accountants (AGA) is the only organization authorized to provide testing for the Certified Government Financial Manager (CGFM) Exam.

What is the Recommended Experience for Test Prep CGFM Exam?

1. Become familiar with the CGFM Exam content outline.

2. Purchase a CGFM exam prep book and/or take a CGFM exam prep course.

3. Develop a study plan and stick to it.

4. Take practice exams to become familiar with the format of the exam.

5. Take advantage of online review materials.

6. Utilize CGFM exam prep software.

7. Network with others who have taken or are taking the CGFM exam.

8. Spend time reviewing the exam content outline and practice questions.

9. Take breaks from studying and get plenty of rest.

10. Review your answers and review materials prior to the exam.

What are the Prerequisites of Test Prep CGFM Exam?

The Prerequisite for Test Prep CGFM Exam is to have a bachelor’s degree from an accredited college or university and at least two years of professional-level experience in governmental financial management.

What is the Expected Retirement Date of Test Prep CGFM Exam?

The expected retirement date of the CGFM Test Prep exam is not listed on any official website. However, you can contact the American Institute of Certified Public Accountants (AICPA) directly for more information. Their contact information can be found on their website at https://www.aicpa.org/contact/.

What is the Difficulty Level of Test Prep CGFM Exam?

The CGFM exam is considered to be a difficult exam, with a passing rate of approximately 50%.

What is the Roadmap / Track of Test Prep CGFM Exam?

Certification Track/Roadmap Test Prep CGFM Exam is a comprehensive online study program designed to help candidates prepare for the Certified Government Financial Manager (CGFM) Exam. The program includes practice tests, study guides, and other resources to help candidates become familiar with the exam topics and understand the exam structure. The program also provides guidance on how to develop a study plan and prepare for the exam.

What are the Topics Test Prep CGFM Exam Covers?

The Certified Government Financial Manager (CGFM) exam covers a variety of topics related to financial management in the public sector. The topics include:

1. Governmental Environment: This topic covers the legal and regulatory environment of government financial management, including the roles and responsibilities of government agencies, the budget process, and the Federal Financial Management Improvement Act (FFMIA).

2. Governmental Accounting, Financial Reporting, and Budgeting: This topic covers the principles of governmental accounting, financial reporting, and budgeting, including Generally Accepted Accounting Principles (GAAP) and the Governmental Accounting Standards Board (GASB).

3. Governmental Financial Management and Control: This topic covers the principles of governmental financial management and control, including internal control systems, financial systems, and the management of assets.

4. Governmental Auditing and Financial Statement Audits: This topic covers the principles of governmental auditing and financial statement audits, including the Single Audit Act

What are the Sample Questions of Test Prep CGFM Exam?

1. What is the purpose of the Governmental Accounting Standards Board (GASB)?
2. Name two types of financial statements that are required by GASB?
3. What is the difference between fund accounting and governmental accounting?
4. How does the budget process in a governmental organization differ from a for-profit organization?
5. Describe the purpose of an internal control system in a governmental organization.
6. What are the three types of governmental funds?
7. What is the difference between a general fund and a special revenue fund?
8. How do capital assets affect a governmental organization’s balance sheet?
9. Describe the purpose of a performance audit.
10. What are the key components of a comprehensive annual financial report (CAFR)?