44
GETTING IT DONE! ATTAINING SUCCESS ON THE CPFO EXAM VGFOA Fall Conference October 2017 Roanoke, Virginia
GETTING IT DONE!ATTAINING SUCCESS ON THE CPFO EXAM
VGFOA Fall ConferenceOctober 2017
Roanoke, Virginia
2
THE CPFO CERTIFICATION PROGRAMA broad educational self-study program
designed to verify knowledgein the disciplines of
government finance3
4
The Good News The Bad News
SURVEY OF VIRGINIA CPFOS
5
CPFO LEADS TO OPPORTUNITY
Credibility
Competitiveness for advancement Opportunities
Study materials become on-the-jobresources
6
EMPLOYERS ARE SUPPORTIVE!
7
HISTORY OF THE CPFO
A small group of visionaries conceived idea; GFOA endorsed programProgram launched with one exam in seven
locationsAdditional exam added each year Exams fully developed, first CPFOs and
Council on Certification formed Strategic alliance formed with Radford
University for program administration8
PARTIES TO THE CPFO PROGRAM
Council on Certification
9
www.gfoa.org/cpfo
PROGRAM REQUIREMENTSTo begin
Bachelor’s degree from an accredited institutionAccept GFOA Code of Professional EthicsApplication process
To become certifiedPass all examsGovernment as primary employer3 years government experience during previous 10 yearsGFOA membership
10
THE EXAMS Governmental Accounting, Auditing and Financial
ReportingTreasury and Investment Management Debt ManagementOperating and Capital BudgetingRetirement and Benefits, Risk Management and
Procurement11
THE EASIEST?
12
THE HARDEST?
13
70% OVERALL PASS RATE2010 - 2016
68%75%
65% 69% 72%
0%10%20%30%40%50%60%70%80%90%
100%
GAAFR RetirementEtc
Treasury Debt Budget
14
MAINTAINING THE CPFO•Required CPE beginning second full calendar year
• Annual or biennial option
•Submission of required form reporting CPE
•January 31st for prior calendar year
•CPFO becomes ‘inactive’ following failure to achieve CPE
•Five inactive years cause CPFO designation to be revoked
15
16
VIRGINIA IS FOR LOVERS!
www.vgfoa.org/certificate
17
http://www.radford.edu/content/cobe/gnac/cpfo.html
STATE REPRESENTATION
18
CPFOs in the US
Source: GFOA, 9.15.17
VGFOA AND RADFORD UNIVERSITY GNAC CERTIFICATE PROGRAM
8 core courses/exams and 2 elective courses within a 7 year period (some waivers available)Supports pursuit of CPFOAccounting, budgeting, cash management, debt
administration, internal controls, Virginia law and othersThroughout the Commonwealth and onlineCost $225 and VGFOA membership dues $35
19
YEAR OF COMPLETIONACTIVE CPFOS
0
1
2
3
4
5
6
7
8
0
20
40
60
80
100
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
US VA 20
CPFO Review Courses
WHAT VGFOA WILL DO FOR YOU! $200CPFO prep course 1.5 days live training 12 CPE credits Exam feeApplication fee, if applicableHost site Exam in 2-3 weeks
21
ATTAINING SUCCESS
CONFIDENCE IS KEY!23
Forget the CPA
24
ABOUT CONFIDENCE~ Study to pass on the first attempt
~ Don’t sit until you’re ready to pass it
~ Take exams in order of confidence
25
MOST VIRGINIA CPFOSTOOK EACH EXAM JUST ONCE
26
27
YEARS TO COMPLETE2014 - 2016
40%37%
12%5% 2% 2% 2%
1 2 3 4 5 6 7
28
READ EVERYTHING29
SAMPLE RECOMMENDED READING
30
31
STUDY AIDSStudy partners
CPFO prep courses
Study guides
Relevant sessions at GFOA / VGFOA conferences
32
an exam
of the
Financedirector
33
MULTIPLE CHOICE34
TEST TAKING TIPSRead carefullyWatch for ‘always’, ‘never’, ‘all’Use the test booklet like it’s yoursAnswer everything!
35
USE THE EXAM
SPECIFICATIONS
36
SAMPLE EXAM SPECIFICATIONS
37
MORE TIPSCreate your own processDon’t go on a tangentKeep reading, keep learningGFOA Best PracticesGovernment Finance Review ArticlesOther GFOA publications
A word on the sample exams…38
39
PERFECT IS THE
ENEMY OF GOOD!
40
Let it go!41
Get it done!42
GOOD LUCK!!!43
