CGFM
CGFM (Certified Government Financial Manager)
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ExploreAbout this exam
The Certified Government Financial Manager (CGFM) is a professional credential for people who work in public-sector finance. It is administered by the Association of Government Accountants (AGA) and is built around three separate examinations, one for each domain the credential covers: Examination One - Governmental Environment; Examination Two - Governmental Accounting, Financial Reporting and Budgeting; and Examination Three - Governmental Financial Management and Control. The credential suits accountants, auditors, budget and program analysts, grant and contract specialists, and financial managers working in federal, state, and local government, as well as private-sector consultants and CPA firm staff who serve public-sector clients. Candidates pass all three exams and also satisfy AGA's education and experience requirements. Because the three exams map onto three study domains, a common preparation approach is to work through them one at a time: first the environmental, legal, and organizational context; then accounting, reporting, and budgeting standards; then management and control topics such as internal control, auditing, and performance measurement. AGA publishes exam preparation guidance and offers CGFM courses. This page is an independent study resource and is not affiliated with or endorsed by AGA. Confirm fees, scheduling, and scoring on agacgfm.org.
What you'll study
About CGFM preparation
What exactly does the CGFM exam consist of?
Three separate examinations, one per domain: Examination One - Governmental Environment; Examination Two - Governmental Accounting, Financial Reporting and Budgeting; and Examination Three - Governmental Financial Management and Control. Each exam is a standalone test of its domain rather than a single combined paper, so plan to sit for all three.
Do I have to take the three exams in a specific order?
The exam listings do not publish a required sequence. Many candidates sit Examination One first because the governmental environment frames the accounting and control material, but nothing obliges you to do so. Check AGA's 'Taking the Exams' page before you schedule to confirm current rules.
How many questions are on each exam and how long do I get?
Those details are not stated in the source material used for this page, so we have not published a number. Item counts and time limits are revised periodically and only AGA's official exam pages carry the authoritative current figures. Verify there before you build a pacing strategy around any figure you have heard.
What score do I need to pass, and what does the exam cost?
Passing scores and fees are not given in the source material behind this page, so no figures are quoted here. Both are set by AGA and change over time, and older numbers circulate widely online. Confirm the current passing standard and fee schedule directly with AGA before you apply.
Besides passing the exams, what else does the credential require?
AGA publishes three distinct requirements in its certification process: a CGFM education requirement, an examination requirement, and a CGFM experience requirement. Passing the three exams satisfies only the examination component. Review all three requirements early, because education or experience gaps can delay the credential even after you have passed.
How should I sequence my studying across the three domains?
Start with Governmental Environment to build the constitutional, legal, and organizational context, then move to accounting, reporting, and budgeting, then to financial management and control. The later two are more technical and assume you understand why government accounting differs from commercial practice, so front-loading the conceptual exam pays off.
What are the most common ways candidates lose points?
Three recurring patterns: treating Governmental Environment as the easy exam and under-preparing; memorizing journal entries or fund classifications without understanding the reporting objective behind them; and studying standards in isolation rather than tracing how a transaction flows from budget to fund statements to the government-wide statements.
Does the credential expire or require upkeep?
Yes. AGA maintains a separate CGFM maintenance section covering CPE requirements and a credential verification service, which means the designation carries ongoing continuing professional education obligations rather than being awarded permanently with no follow-up. Check the current CPE hour requirements on AGA's maintenance pages.
Is this site run by or endorsed by AGA?
No. This is an independent study resource. AGA owns the CGFM certification, sets its requirements, and publishes the official exam descriptions, preparation guidance, and scheduling information. Always treat agacgfm.org as the authoritative source for anything administrative, and use independent practice material only as a supplement.