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CGFM® Certification

CGFM Study Guides

AGA offers CGFM study guides in two convenient formats – print (hard copy) version and online access.

The current edition of the three CGFM study guides is 2022.  

Print Version

CGFM study guides are now available in the AGA CGFM Bookstore, maintained and fulfilled by Mimeo. The study guides now include a binder. Please note: these products may not be returned.

Online Access 

CGFM study guides are now available in the VitalSource bookstore as a six-month subscription. The guides can be viewed on- and off-line, and through their Bookshelf app.  To buy or access the online guides, click on the corresponding link below:

Frequently Asked Questions

What should I know about the 2022 edition of the study guides?
The updates to Study Guide 1 are minor and mostly involve updating the examples, statistics and links, and some clarification of language. If candidates are already using the 2019 edition to prepare for CGFM exam 1, we do not suggest purchasing the 2022 edition.

The updates to Study Guide 3 are minor and include updating content on improper payments in response to OMB Memorandum M-21-19, the addition of some information on GAO’s Technical Update of April 2021,  and some clarification of language. If candidates are already using the 2019 edition to prepare for CGFM exam 3, we do not suggest purchasing the 2022 edition, but encourage individuals to visit the applicable government sites to learn more about these updates.

Updates to Study Guide 2 are more extensive and involve a number of revisions in response to several federal regulations (including updates to lease and land standards (SFFAS 54 and 59), MD&A project and updates to A-136) and state and local regulations (including GASB statements 84-98, as applicable). If candidates want to use this study guide to prepare for CGFM exam 2, we suggest obtaining the 2022 edition for exams to be taken after July 2022. Alternatively, for those who already have the 2019 edition, we recommend supplementing it by visiting the applicable government sites to learn more about the recent regulation changes. 

Please note that all references to the name and acronym for Comprehensive Annual Financial Report (CAFR) will be updated to the new name and acronym of Annual Comprehensive Financial Report (ACFR) in all study guides, as applicable. For CGFM examinations, this update is planned for August 4, 2022. 

Do you sell just the updated pages of the printed study guides?
Since the updates often revise and move a large number of pages throughout the study guides, AGA does not offer specific updated pages.

If I plan to use the study guide to prepare for the CGFM examination, when should I buy the study guide?
AGA recommends that CGFM candidates obtain the most current edition of the study guide within 6 months of their planned examination date. 

Are CGFM study guides required for CGFM examinations?
No. Neither CGFM study guides, nor CGFM courses are required to sit for the CGFM examinations. CGFM study guides and courses are separate from CGFM examinations and are based on the publicly-available examination content outlines.

Do the study guides cover all of the CGFM examination questions?
No. To ensure the CGFM examinations are fair and follow international certification standards, AGA separates the education (study guides and courses) from the certification (examinations) functions. The authors of the three study guides have no access to, or information about, the CGFM examination questions, except for what is specified in the publicly-available examination content outlines. The AGA study guides are not intended to offer answers to individual examination questions, but, instead, provide a general review of the topics covered in the examination content outlines.

Are CGFM study guides sufficient to study for the CGFM examinations?
While many CGFM candidates find the study guides to be sufficient preparation for the CGFM examinations, some may need to go beyond the study guides and review additional materials. Conveniently, reference materials are listed at the end of each study guide. In addition, the AGA website provides a list of study references — these publications were used as references by the writers of the CGFM examination questions. Whatever preparation method is used, AGA recommends that CGFM candidates start by reviewing the examinations' content outlines, as well as the list of acronyms and sample examination questions. The reinforcement quizzes and end-of-course review found in the study guides are not designed to serve as sample CGFM examination questions, but as a self-assessment tool to help in the preparation. AGA also offers practice exams.