Certified Government Financial Manager

A Certified Government Financial Manager (CGFM) is a professional certification issued by the Association of Government Accountants (AGA) in the United States. It was created in 1994 to provide a professional standard of financial expertise and ethics in government and a standard by which government financial management professionals are measured. Its education, experience and ethics requirements have served to elevate the most seasoned financial professionals. More than 14,000 individuals have received the designation.

The certification requires experience, education, and an examination. Candidates must have a minimum of two years' experience in government financial functions. Candidates must have a bachelor's degree and complete 24 credit hours of instruction. The examination consists of 3 two-hour tests which must be taken within 3 years of the instruction. A CGFM must complete Continuing Professional Education (CPE) credits to maintain certification.

The curriculum of the CGFM certification applies to federal, state, and local government. Since 2001, federal agencies have been allowed to use appropriated funds to acquire certifications for their employees. As of 2007, seven states have recognized the CGFM: Idaho, Mississippi, Missouri, Maine, Tennessee, Virginia and Washington. Various counties have also recognized the CGFM.

The Chief Financial Officers Act of 1990 (CFO Act) was signed into law by President George H. W. Bush. For each of 23 federal agencies, the position of chief financial officer was created. Since that time, federal efforts have been intended to improve the government's financial management and develop standards of financial performance and disclosure. Similar financial expectations exist at state and local government levels.

The chief financial officer (CFO) of a public agency is the corporate officer primarily responsible for managing the financial risks of the business or agency. This officer is also responsible for budgeting, financial planning, record-keeping, cash flow management, higher management. communicating financial performance and forecasts to the community. The title may vary, such as finance director or treasurer, from agency to agency. The CFO typically reports to the city manager or other chief executive officer.

Financial reporting has multiple audiences, with a responsibility to citizens, taxpayers and voters to provide transparent accountability for use of public funds (taxes). Additionally, financial reporting must provide internal guidance to program managers to maintain budgetary control and to governing city councils and boards of directors to provide adequate financial policy guidelines.

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