CGFM Practice Test 2026 — Free CGFM Exam Prep Questions
The CGFM credential is AGA's certification for financial managers working in federal, state, local and tribal government. Candidates must pass three exams: Governmental Environment; Governmental Accounting, Financial Reporting and Budgeting; and Governmental Financial Management and Control. Our original questions follow AGA's 2026 content outlines for all three exams. They include fund accounting computations, GASB and FASAB standards cited by statement number, federal budget execution, internal control and auditing.
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CGFM format, scoring & key facts
Three separate computer-based examinations, taken in any order, administered year-round by Pearson VUE at Pearson Professional Centers or through OnVUE online proctoring. Each examination has 115 questions and a time limit of 2 hours 15 minutes.
| Examinations | Exam 1 Governmental Environment; Exam 2 Governmental Accounting, Financial Reporting and Budgeting; Exam 3 Governmental Financial Management and Control |
|---|---|
| Questions and time | 115 multiple-choice questions in 2 hours 15 minutes per examination |
| Passing score | 500 on a 200–700 scale, on each examination |
| Content outlines | 2026 Examinations Content Outlines (revised outlines in effect since September 1, 2024) |
| Regulations tested | Government regulations in effect as of the beginning of 2024 |
| Eligibility | Bachelor's degree from an accredited college or university; two years of government financial management experience before the credential is awarded |
| Fees | $150 per examination, plus a $90–$120 application fee ($36 for student members) |
| Time limit | Pass all three examinations within 18 months |
| Retakes | 30-day wait after the first failure, 60 days after later failures |
Facts last verified Oct 26, 2026. Source: www.agacgfm.org/cgfm-certification/cgfm-exams/. Always confirm details with AGA before your exam.
When can you take the CGFM?
Accepted candidates schedule each examination with Pearson VUE, at a test center or online with OnVUE, throughout the year.
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What the CGFM covers
Every PrepBanq CGFM test mirrors the official domain weights.
Domain distribution
% of the exam| Content domain | Weight | ≈ Questions on exam | Our practice questions |
|---|---|---|---|
Organization, Structure and Authority of GovernmentExam 1, Governmental Environment — Area I (16%) | 16% | ~55 | 8 questions → |
Legally Based Implications of the Government Financial EnvironmentExam 1 — Area II (15%) | 15% | ~52 | 8 questions → |
The Government Management System (Cycle)Exam 1 — Area III (15%) | 15% | ~52 | 7 questions → |
Governmental Financing ProcessExam 1 — Area IV (20%) | 20% | ~69 | 10 questions → |
Concepts, Definitions and Notions of Public AccountabilityExam 1 — Area V (16%) | 16% | ~55 | 8 questions → |
Ethics as Applied to the Government EnvironmentExam 1 — Area VI (10%) | 10% | ~35 | 5 questions → |
Providing Government Services and Information ElectronicallyExam 1 — Area VII (8%) | 8% | ~28 | 4 questions → |
Governmental Financial Accounting, Reporting and Budgeting: General KnowledgeExam 2, Governmental Accounting, Financial Reporting and Budgeting — Area I (40%) | 40% | ~138 | 20 questions → |
State and Local Financial Accounting and ReportingExam 2 — Area II (30%) | 30% | ~104 | 15 questions → |
Federal Financial Accounting and ReportingExam 2 — Area III (30%) | 30% | ~104 | 15 questions → |
Financial Management FunctionsExam 3, Governmental Financial Management and Control — Area I (22%) | 22% | ~76 | 11 questions → |
Financial and Managerial Analysis TechniquesExam 3 — Area II (20%) | 20% | ~69 | 10 questions → |
Internal ControlExam 3 — Area III (25%) | 25% | ~86 | 13 questions → |
Performance Measurement/Metrics/Service Efforts and Accomplishments (SEA)Exam 3 — Area IV (13%) | 13% | ~45 | 6 questions → |
AuditingExam 3 — Area V (20%) | 20% | ~69 | 10 questions → |
How to register for the CGFM
Retake policy
Wait 30 days after a first failed attempt and 60 days between later attempts; each retake costs $150. There is no limit on attempts within the 18-month eligibility period.
Score release
Pass/fail results are immediate; candidates who do not pass receive their scaled score and a report of performance by content area.
Credential renewal
All three examinations must be passed within 18 months of application approval. CGFMs maintain the credential with 80 CPE hours every two years (including 4 hours of ethics) and an annual renewal fee; the requirement drops to 70 hours for cycles beginning on or after January 1, 2027.
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CGFM FAQ
How many questions are on the CGFM?
The CGFM has 345 questions and you have 6 hours 45 minutes to finish. Question types: Multiple-choice questions with four answer options (A–D) on all three examinations; some questions include a table or chart..
How long is the CGFM exam?
Testing time for the CGFM is 6 hours 45 minutes.
What is the passing score for the CGFM?
CGFM passing standard: 500 on a 200–700 scale, on each examination. Score range: 200–700.
How much does the CGFM cost?
The CGFM registration fee is Application fee $90 (AGA members), $36 (student members) or $120 (nonmembers), non-refundable; $150 per examination, paid to Pearson VUE when scheduling. Check the official site for current fees before you register.
What is on the CGFM?
The CGFM covers Organization, Structure and Authority of Government (about 16%), Legally Based Implications of the Government Financial Environment (about 15%), The Government Management System (Cycle) (about 15%), Governmental Financing Process (about 20%), Concepts, Definitions and Notions of Public Accountability (about 16%), Ethics as Applied to the Government Environment (about 10%), Providing Government Services and Information Electronically (about 8%), Governmental Financial Accounting, Reporting and Budgeting: General Knowledge (about 40%), State and Local Financial Accounting and Reporting (about 30%), Federal Financial Accounting and Reporting (about 30%), Financial Management Functions (about 22%), Financial and Managerial Analysis Techniques (about 20%), Internal Control (about 25%), Performance Measurement/Metrics/Service Efforts and Accomplishments (SEA) (about 13%), Auditing (about 20%).
Who administers the CGFM?
The Certified Government Financial Manager (CGFM) Exam is administered by AGA. Delivery: Three separate computer-based examinations, taken in any order, administered year-round by Pearson VUE at Pearson Professional Centers or through OnVUE online proctoring. Each examination has 115 questions and a time limit of 2 hours 15 minutes..
Can you retake the CGFM?
Wait 30 days after a first failed attempt and 60 days between later attempts; each retake costs $150. There is no limit on attempts within the 18-month eligibility period.
Is there a free CGFM practice test?
Yes. PrepBanq has 15 free CGFM practice tests with 150 exam-style questions in the real CGFM formats, and every answer is explained. No credit card is needed.
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