AGA CGFM : Certified Government Financial Manager (CGFM)

Exam Code: CGFM
Exam Name: Certified Government Financial Manager (CGFM)
Updated: Oct 27, 2026 Q&As: 115 Questions and Answers

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About AGA CGFM Exam

A AGA certification rewards the ambitious, and the AGA Certified Government Financial Manager (CGFM) exam is the gate they pass through. The 115 practice questions at DumpsTests treat your pass as our business, not just your purchase.

AGA CGFM Exam Overview:

Certification Vendor:	AGA (Association of Government Accountants)
Exam Name:	Certified Government Financial Manager (CGFM)
Exam Number:	CGFM Exams 1-3
Exam Duration:	180 (3 hours per exam)
Real Exam Qty:	110 per exam
Passing Score:	70%
Available Languages:	English
Certificate Validity Period:	3 years (requires continuing education for renewal)
Exam Price:	USD 260 per exam (members); USD 380 per exam (non-members)
Exam Format:	Multiple-choice
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

CGFM Exam 2: Governmental Accounting

- Budgetary Accounting

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

- Federal Government Accounting

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

- Fund Accounting and Financial Reporting

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

- GASB Standards

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

- State and Local Government Transactions

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

- Principles of Governmental Accounting

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

CGFM Exam 3: Financial Reporting, Control, and Analysis

- Compliance and Accountability

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

- Financial Statement Analysis

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

- Control Frameworks and Systems

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

- Auditing in the Government Environment

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

- Financial Reporting

1. Comprehensive annual financial report (CAFR)
2. Management's discussion and analysis (MD&A)
3. Basic financial statements

CGFM Exam 1: Financial Management

- Budgeting and Budget Preparation

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

- Financial Management and Analysis

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

- Revenue, Expenditure, and Expense Recognition

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

- Risk Management and Internal Controls

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

- Government Contracting and Procurement

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

- Strategic Planning and Performance Measurement

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

CGFM (AGA) Exam: Questions, Answered Honestly

What is the CGFM exam, and who is it for?

AGA Certified Government Financial Manager (CGFM) is an official AGA (Association of Government Accountants) exam, catalogued under exam code CGFM. Passing it awards the AGA CGFM certification at the Professional level. It is built for candidates with ambitious aims, and the credential it grants is recognized accordingly.

What topics are covered in the CGFM exam?

AGA Certified Government Financial Manager (CGFM) spans 3 official domains, led by CGFM Exam 2: Governmental Accounting, CGFM Exam 3: Financial Reporting, Control, and Analysis, and CGFM Exam 1: Financial Management. The complete outline sits above; before getting down to business, look through the whole contents quickly so every later practice session has context.

How many questions does the CGFM exam have, and what is the time limit?

The AGA Certified Government Financial Manager (CGFM) exam presents 110 per exam questions within 180 (3 hours per exam). A practical tip from successful candidates: mark the most difficult questions during practice, exchange notes on them with friends, and repeat them until they stop being difficult. The DumpsTests engine makes that loop fast, and the clock stops being a threat.

What is the passing score for CGFM, and what does it cost?

Passing AGA Certified Government Financial Manager (CGFM) requires 70%, and official registration costs USD 260 per exam (members); USD 380 per exam (non-members). Retakes bill the full USD 260 per exam (members); USD 380 per exam (non-members) again, so verify readiness before booking: when your DumpsTests practice scores clear the requirement repeatedly, including on questions you once marked as difficult, you are ready.

Are there prerequisites for the CGFM exam?

Must have a bachelor's degree or equivalent; recommended 2+ years of government financial management experience; AGA membership is encouraged but not required

Requirements change from time to time, so confirm the current conditions before registering on the official exam page.

Can I try the CGFM material first, and how do updates reach me?

Yes, a free demo of the AGA Certified Government Financial Manager (CGFM) questions is available before purchase. Afterward, you can track freshness by the updating version number on the website, and whenever questions change we instantly email the details to you, free for 365 days. We even keep sending the latest questions after you pass, so you can follow every tiny change. After expiry, extending updates costs 50% of the regular price.

What if I fail the CGFM exam, and how is my order delivered?

Your purchase carries a 100% money-back guarantee under clear conditions. Take the AGA Certified Government Financial Manager (CGFM) exam within 60 days of purchase; if you fail, you may claim a full refund, provided the exam matches your product. Attempts within 3 days of purchase are ineligible, as are downloaded-but-unused products, free materials, and expired orders; the candidate name must match the payer name. Submit a scanned enrollment slip and the official Score Report PDF within 2 days of the exam, and claims are processed within 7 days. Alternatively, exchange for two other exam products of equal value, free, keeping the update service on your original purchase.

Delivery is instant: download after ordering, with an automatic email arriving within one minute. If nothing arrives within 2 hours, do not forget to check your junk mailbox, then contact customer service. Installation is unlimited across your computers.

AGA Certified Government Financial Manager (CGFM) Sample Questions:

Question #1

A variable that would influence management's decision to hire contractors to perform management control evaluations is

A. availability of qualified contractors.
B. suspicion of internal fraud.
C. lack of management expertise.
D. knowledge of systemic deficiencies.

Reveal Solution Discussion 0

Correct Answer: C 🗳️