Exam Overview

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The Exam at a Glance

CGFM Examination 2, Governmental Accounting, Financial Reporting and Budgeting (GAFRB), is one of the three examinations required for the Certified Government Financial Manager (CGFM) credential awarded by the Association of Government Accountants (AGA). It covers accounting, financial reporting and budgeting at all levels of U.S. government: general concepts, state and local government, and the federal government.

115

Questions

2 h 15 min

Testing time

500

Passing scaled score

$150

Exam fee

Format and Scoring

Key facts (confirm the latest details with AGA before you book)
Item	Detail
Questions	115 multiple-choice questions, each with one best answer
Time	2 hours and 15 minutes; the appointment also allows time to leave comments on questions
Delivery	Computer-based, year-round, at Pearson VUE testing centers or online through OnVUE remote proctoring
Scoring	Scaled scores from 200 to 700; 500 or higher passes. Pass/fail is shown immediately
If you do not pass	You see your scaled score and performance by content area; retake after 30 days, then 60 days between later attempts
Fee	$150 per examination, paid to Pearson VUE when you schedule
Order	The three CGFM exams may be taken in any order
Time limit	Pass all three exams within 18 months of the date your CGFM application is approved

Every question is pretested and statistically reviewed before it counts. AGA states that the examinations reflect the government regulations in effect at the beginning of the most recent exam update, so very recent standards may not yet be tested; this guide notes where a rule has changed since then.

Content Outline

CGFM Examination 2 content weights

General knowledge: accounting, reporting and budgeting — 40%Standards, cost accounting and fees, budgeting, accounting principles

State and local financial accounting and reporting — 30%Reporting entity, funds, ACFR, statements, fund balance, reconciliations

Federal financial accounting and reporting — 30%Budget terms, budgetary and proprietary accounting, statements, credit reform

Where each outline area is covered in this guide
Exam section	Weight	Guide sections
I. General knowledge: standards; managerial cost accounting and fees; budgeting; governmental accounting principles	40%	Sections 1–5
II. State and local financial accounting and reporting	30%	Sections 6–10
III. Federal financial accounting and reporting	30%	Sections 11–13

Who Can Earn the CGFM

A bachelor's degree from an accredited college or university (an official transcript is required before you can test).
At least two years of professional-level experience in government financial management (not required to sit for the exams).
Passing scores on all three CGFM examinations.
An agreement to follow the AGA Code of Ethics. To keep the credential, holders complete 80 hours of continuing professional education every two years, including 4 hours of ethics.

Pacing

115 questions in 135 minutes is about 70 seconds per question. Answer every question: there is no penalty for a wrong answer.

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