Certified Government Finance Officer in Florida

Certified Government Finance Officer in Florida

A Certified Government Finance Officer (CGFO) oversees various government entities’ financial functions. Certification for this notable role helps maintain high levels of ethics and professionalism while undertaking the role of a CGFO. In the case of Florida, CGFO exam candidates need to understand the requirements they should fulfill to sit for the exam and find the relevant study materials. The summary below covers the topics covered in the CGFO exam, where to find study materials, requirements for sitting and passing the CGFO exam, and continuing education requirements. Additionally, a job summary will be given covering the typical experience required for the job, job responsibilities, and common financial reports created for external and internal use.

CGFO Summary

Topics in the CGFO Exam and Where Study Materials Are Located

An individual aspiring to become a CGFO has to undertake a CGFO exam. The exam covers five major sections: financial administration, debt administration, treasury management, municipal budgeting, and accounting and financial reporting (Florida Government Finance Officers Association, 2021). Notably, each of the identified sections contains six subtopics that are tested in the CGFO exam. For one to effectively prepare for the Certified Government Finance Officer exams in Florida, the Florida Government Finance Association recommends a list of topics, IRS publications, and statuses to be covered in readings for every section. Study materials should include important information to cover in the exams. The study materials can be assessed on Florida’s Government Finance Officers Association website by those preparing for the exam (Florida Government Finance Officers Association, 2023). For a specific guide, an individual preparing to sit for the Certified Government Finance Officer exam should consider sources from various sources, including the official website. Other sources include professional associations, government finance training programs, online resources, publications, and textbooks. In addition,  it is important to verify the credibility of the resources used in preparing for the exam. As a result, it is crucial to consider the updated requirements on Florida’s Government Finance Officers Association website.

Requirements for Sitting for the CGFO Exam

Candidates aspiring to sit for the exam have to meet various requirements. The regulatory requirements for individuals aspiring to sit for the exam require a bachelor’s degree from an accredited institution of higher learning in various relevant fields. Relevant fields include public administration, business administration, accounting, and other closely related fields. Besides the bachelor’s degree requirement, candidates for the CGFO exam require a year’s experience in government work. The experience should be related to financial operations, which should be confirmed through two letters of recommendation from the offices where the candidate worked. When these requirements have been met, a candidate will be approved to take the CGFO exams. However, the candidate must pass the code of ethics for employees and public officers with a minimum score of 75. Notably, candidates qualifying for the examination must submit applications for the exam to Florida’s Government Finance Officers Association for approval.

Requirements for Passing the CGFO Exam

After undertaking the exam, there are minimum requirements to pass. Candidates will have passed the exams if they obtain a score of at least 75 in all five sections. In addition, a time frame of five years is to be observed in undertaking and passing the exam. Candidates holding the CGFO certification must maintain their certification by completing continuing education requirements. In Florida, holders of CGFO certification must complete 80 hours of CPE (continuous professional education). Further, there is a requirement to report the 20 CPE hours related to accounting subjects, and not more than 20 CPE hours are required for behavioral subjects (Florida Government Finance Officers Association, 2022). Recertification for CPE hours should be reported to the government’s website. Also, CGFO holders should pay an online recertification fee of 40 dollars.

Finance/Accounting Jobs Summary

Typical Necessary Experience Required to Get the Job, Job Responsibilities, and Typical Financial Reports for Internal and External Use

Numerous career opportunities in finance and accounting await a CGFO certification holder. The opportunities run from entry-level jobs to top-level management positions. A CGFO is qualified for all entry-level accounting jobs in government and non-government entities. Further, the holder is qualified for all entry-level financial officer jobs in government and non-government institutions.

The Senior Accountant Role

An example of a career for which a Certified Government Finance Officer is qualified is the senior accountant role. Notably, this career post typically requires at least a bachelor’s degree in a business-related field and at least two years of experience in accounting-related work. Further, the role requires an applicant to be a CPA or have a CGFO certification alongside general knowledge of the Governmental Accounting Standards Board (GASB) and Generally Accepted Accounting Principles (GAAP). A senior accountant role typically contains responsibilities controlling the cash for organizations, ensuring regulatory requirements are observed in accounting practice, and preparing accounting reports.

The Budget Controller Role

Another career opportunity for a CGFO is that of budget controller. The job opportunity typically requires seven years of experience for top positions and about the years of experience for entry-level. Apart from experience, an individual suitable for this job must have certifications in CGFO, CPA, or Certified Public Finance Officer (CPFO) alongside other general skills such as leadership, time management, communication, and teamwork skills. Typically, a budget controller job contains responsibilities such as preparing budgetary forecasts for the institution or government entity, managing the implementation of budgetary provisions, maintaining and implementing accounting systems, controls, and procedures, and overseeing the preparation of various accounting statements and annual reports (Mujennah et al., 2019). It is worth noting that these responsibilities are carried out in collaboration with other financial officers, such as accountants and financial management officers. Typical financial reports created for internal and external use include the budget and financial statements. Notably, the budget contains budgetary provisions which are used for internal purposes. Financial statements such as income statements and statements of financial position are used for external purposes, such as communicating with stakeholders about the company’s financial performance.

The Chief Financial Officer Role

The last career opportunity identified as relevant for a CGFO-certified individual entails the Chief Financial Officer. Notably, this is not an entry-level job and requires significant experience. Typically, an individual suited for this post should have a years experience in supervisory and government accounting. In addition, the individual must be equipped with knowledge of governmental accounting practices and principles alongside excellent qualifications. The qualifications include a bachelor’s degree in business-related fields such as accounting and CPA or CGFO certification. Notably, chief financial officers are responsible for an entity’s financial operations. Some of their responsibilities include ownership of cash management, stewardship of company assets, internal and external financial reporting, and expanding the entity strategy regarding business partnerships (Bernard et al., 2021). Finally, chief financial officers prepare internal reports, such as informal and lateral reports, for internal decision-making. On the other hand, externally, they contribute to the balance sheet, income statement, and annual reports of the institutions they work for.

Of the three career opportunities considered above, CGFO certification proves to be important. For government opportunities, it seems to be a compulsory requirement. As a result, there is a need to study the resources keenly and ensure that exams are passed alongside meeting all the requirements for certification. The career opportunities opened by the certification prove it worth striving for the certification. Overall, CGFO certification is crucial in ensuring high standards of professionalism and integrity are maintained in public accounting and financial practice.

Conclusion

In conclusion, the above summary covers two broad aspects relating to Certified Government Finance Officers in Florida. To be certified as a Certified Government Finance Officer, an individual must pass CGFO exams on five main topics. In order to pass the exam, there is a need to understand sources of study materials such as the Certified Association of Finance Officers website. Further, before taking the exam, the candidate needs to have academic and experience qualifications. In addition, the candidate has continuing education requirements to maintain continued certification. Various examples of career opportunities are identified regarding the necessary experience to get the job, job responsibilities, and typical financial reports created for internal and external use under those positions. Overall, the Certified Government Finance Officer certification is worth pursuing, considering the career opportunities.

References

Bernard, D., Ge, W., Matsumoto, D., & Toynbee, S. (2021). Implied tradeoffs of chief financial Officer accounting expertise: Evidence from firm-manager matching. Management Science, 67(9), 5776-5799.

Florida Government Finance Officers Association. (2021). CGFO reviews courses and exams. Home. https://www.fgfoa.org/Training_Education/cgfo/cgfo-review-courses-and-exams

Florida Government Finance Officers Association. (2022). Policies & Procedures. https://www.fgfoa.org/Training_Education/cgfo/policies-procedures

Florida Government Finance Officers Association. (2023). Resources. Home. https://www.fgfoa.org/resources

Mujennah, M., Artinah, B., & Safriansyah, S. (2019). Performance-based budgeting as Surveillance for the accountability of local governments. Asia Proceedings of Social Sciences, 4(3), 125-128.

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Write a summary (double-spaced, 3-5 pages) of how to become a CGFO (Certified Government Finance Officer) in Florida. Additionally, summarize the different finance/accounting jobs in state and local government.

In your CGFO summary, include at a minimum the following items:

The topics covered on the CGFO exam and where to find study material.
Requirements for sitting/passing the CGFO exam
Continuing education requirements
In your finance/accounting jobs summary, include at a minimum the following items:

Typical necessary experience to get the job.
Job responsibilities.
Typical financial reports are created for internal use and external use.
Citations and references should be used appropriately and should comply with APA requirements.