AGAGovernment Finance Case Challenge 2008-2009  

Careers in Government Financial Management

 

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Government needs leaders. Leaders like you: young people with brains, energy and creativity. The opportunities have never been better for a challenging and rewarding job in government financial management. For one thing, they're hiring!

Did you know that 44 percent of all federal workers will become eligible to retire over the next five years? Or that in more than half the states, one in five employees will be retiring over the same time period? That’s a lot of job openings. Massive turnover is not only possible, but likely as Baby Boomers leave the work force.

The federal government, for one, is trying to become a more flexible and more competitive employer, offering telecommuting or part-time options. You don’t have to be channeled into a traditional career path when you work for government.

And think about this: Government agencies don’t just give lip service to diversity, they practice it, valuing minorities and those with disabilities. Pay is better than you think and advancement opportunities come quickly. Some governments will help you repay your student loans; some pay for continuing education and certification.

Governments need sharp financial minds, and not only for traditional audit and accounting functions. Finance managers are becoming more and more valued as key members of decision-making teams, assessing how agencies are performing, helping managers operate their programs more efficiently, and transforming government processes through technology.

Citizens who rely on government services—and that means all of us—will suffer if jobs are not filled with top talent. Start exploring the huge range of ways you can serve the public. Public policies play out in the real world: Be a part of it!

What is a Government Financial Manager (GFM)?

GFMs oversee the preparation of financial reports, direct investment activities and implement cash management strategies for federal, state and local government.

Financial managers perform tasks unique to their organization or industry. For example, GFMs must be experts on the government appropriations and budgeting processes. Moreover, financial managers must be aware of special tax laws and regulations that affect their industry.

Typical GFM Titles & Duties

The duties of financial managers vary with their specific titles, which include:

  • Controller: direct the preparation of financial reports that summarize and forecast the organization's financial position, such as income statements and balance sheets and analyses of future earnings or expenses. Controllers are also in charge of preparing special reports request by regulatory authorities. Often, controllers oversee the accounting and budget departments.

  • Treasurer: direct the organization's financial goals, objectives and budgets. They oversee the investment of funds and manage associated risks, supervise cash management activities and execute capital-raising strategies to support an agency's expansion.

  • Auditor: are responsible for conducting financial and performance audits of all public and quasi-public entities as required, under law. The auditor's office reviews the methods, accuracy and legality of the accounts, financial reports, to verify that the agency has complied with the laws, rules, ordinances and orders pertaining to the agency. Performance audits also contribute to government accountability for the use of public resources and the delivery of services.

  • Inspector General (IG): The Office of Inspector General (OIG) conducts audits and evaluations to review the effectiveness, efficiency, economy, and integrity of all  programs and operations, including those performed by its contractors and grantees. This work is conducted in order to determine whether: the programs and operations are in compliance with the applicable laws and regulations; resources are efficiently and economically being utilized; and programs achieve their intended results.

  • Chief Financial Officer (CFO): primary responsibility involves supervising the activities of major components, and serving as the principal advisor to the U.S. Department's Secretary on all matters related to discretionary grant-making, cooperative agreements, and procurement, as well as financial management, financial control, and accounting.

Training, Qualifications

A bachelor's degree in finance, accounting, economics or business administration is the minimum academic preparation for financial managers. However, many employers now seek graduates with a master's degree, preferably in accounting, business administration, economics, finance or risk management. These academic programs develop analytical skills and provide knowledge of the latest financial analysis methods and technology.

Continuing Education

Continuing education is vital for financial managers who must cope with changes in Federal and State laws and regulations and the proliferation of new and complex financial instruments. Agencies often provide opportunities for workers to broaden their knowledge and skills by encouraging employees to take graduate courses, attend conferences related to their specialty or obtain certifications.

What Skills Does a GFM Need?

Persons planning a career in accounting should have an aptitude for business, mathematics and statistics and be able to analyze, compare and interpret facts and figures quickly. They must be able to clearly communicate both written and verbally the results of their work.

Accountants and auditors must be good at working with people as well as with business systems and computers. At a minimum, accountants should be familiar with base accounting software packages.

GFMs must also have high standards of integrity.

Job Outlook

Government economists expect jobs for accountants to grow faster than the average for all careers through 2014. Government agencies will continue to need accountants to show that they're not wasting taxpayers’ money.

Employment of GFMs is expected to grow about as fast as the average for all occupations through the year 2012. In addition to openings resulting from growth, the need to replace GFMs who retire or transfer to other occupations will produce numerous job occupations in this large occupation.

Increased need for GFMs will arise from changes in legislation related to taxes, financial reporting, standards, business investments and other financial matters.

Learn more.