How to Become A Certified Defense Financial Manager (CDFM) in 8 Weeks Toney Williams, CDFM, CFE ASMC...

How to Become A Certified Defense Financial Manager (CDFM) in 8 Weeks

Toney Williams, CDFM, CFEASMC PDI 2011Minneapolis, MN

Slide 1

EMAIL: [email protected] Phone #: (901) 874-4336

PRIMARY REFERENCE: ASMC Website (http://www.asmconline.org) &

The Enhanced Defense Financial Management Training Course (EDFMTC) Textbook, rev Oct 2009

Toney Williams, CDFM, CFE

mailto:[email protected]

http://www.asmconline.org/


Slide 2

AGENDA

Brief Overview of The Three (3) CDFM Modules

Helpful “ Mental Tips” For Preparing for the Exam

Sample Test Questions and Answers

The Eight (8) Week Study Plan

Motivational Closing



Slide 3

The Three (3) CDFM Exam Modules

Module Three: Accounting and Finance Competency One: Fiscal Law

Competency Two: Finance

Competency Three: Accounting

Competency Four: Auditing

Module One: Resource Management Environment Competency One: Government Resource Management Environment

Competency Two: Manpower Management

Competency Three: Personnel Management

Competency Four: Management’s Responsibility for Internal Control

Module Two: Budget and Cost Analysis Competency One: Defense Budget Process

Competency Two: Cost and Economic Analysis

Competency Three: Business Management / Process Improvement



Slide 4

The Three (3) CDFM Exam Modules Module One: Resource Management Environment

Competency One: Government Resource Management Environment

This area deals with the financial manager’s knowledge of relationships of checks and balances among the branches of the Federal Government; structure of the Federal budget, including sources of revenue and expenditures; the roles of the President, Congress, Treasury, OMB, and other Federal agencies in the legislative process, and the four phases of the Budget Cycle.


Knowledge Check

1. How many branches of government did the Constitution establish?

Answer: Three

2. What agency issues apportionments?Answer: Office of Management and Budget (OMB)


Slide 5


Competency Two: Manpower Management

This area deals with the financial manager’s knowledge of manpower and force management as they relate to resource management, manpower rules, regulations, laws, and development of manpower requirements.


Knowledge Check

1. Where can the rules for calculating FTE employment be found?

Answer: OMB Circular A-11

2. What term is used to refer to the totality of units in a DoD component?Answer: Force Structure


Slide 6


Competency Three: Personnel Management

This area deals with the financial manager’s knowledge of training, conflict resolution, performance appraisal, EEO complaint resolution, and improving poor performance.


Knowledge Check

1. New Federal employees normally serve a probationary period of how long?

Answer: One year

2. Effective training can be a critical component for achieving what?Answer: Organizational Goals


Slide 7


Competency Four: Management’s Responsibility for Internal Control

This area deals with the financial manager’s knowledge of the Federal Managers’ Financial Integrity Act of 1982, Comptroller General Standards for Internal Controls in the Federal Government, and applicable Federal Government and DoD management control guidance and regulations.


Knowledge Check1. The Integrity Act report must include agency plans to correct what type of weakness?

Answer: Material Weakness

2. How many standards are there in the GAO Standards of Internal Control?

Answer: Five


Slide 8

The Three (3) CDFM Exam Modules Module Two: Budget and Cost Analysis

Competency One: Defense Budget Process

This area deals with the financial manager’s knowledge of the DoD budget formulation, review, and execution; OMB Circulars and implementation of DoD guidance; relationships among and use of appropriations and funds; the stages of funds execution; reimbursable and support agreements; flow of funds; and the DoD programming process, terminology, and products.


Knowledge Check

1. Who serves as the Chairman of the National Security Council?

Answer: The President of the United States of America2. Who is the principal advisor and assistant to the Secretary of Defense for budget and fiscal matters?

Answer: Undersecretary of Defense, (Comptroller) / CFO


Slide 9


Competency Two: Cost and Economic Analysis

This area deals with the financial manager’s knowledge of mathematical and statistical methods; cost estimating techniques; benefit analysis including payback, return on investment, and present value; system acquisition and life-cycle management policies, DoD Cost Guidance; concepts and principles for Activity-Based Costing; and acquisition concepts, principles, and processes.


Knowledge Check1. Cost savings, cost avoidance and productivity improvement are recognized as what type of benefits?

Answer: Quantifiable Benefits2. What is the difference between budget cost of work performed and actual cost of work performed?

Answer: Cost Variance


Slide 10


Competency Three: Business Management / Process Improvement

This area deals with the financial manager’s knowledge of concepts of Business Process Reengineering, special authority to use receipts, Government Performance and Results Act of 1993, and directives and regulations related to the performance of commercial activities.


Knowledge Check1. What law or regulation has as its goal the improvement of Federal program effectiveness and public accountability by promoting a new focus on results, service quality, and customer satisfaction?

Answer: Government Performance and Results Act (GPRA)2. What is an assessment of the results of a program activity when comparing to its intended purpose?

Answer: Outcome or Outcome Measures


Slide 11

The Three (3) CDFM Exam Modules Module Three: Accounting and Finance

Competency One: Fiscal Law This area deals with the financial manager’s knowledge of law regarding availability

of appropriation as to the purpose, time, and amount; applicable Comptroller General decisions; special purpose laws (credit reform, foreign assistance, arms export control acts); penalties and sanctions applicable under law; the Anti-deficiency Act (as applied to appropriation limitations); allotment or project executions; and authorization and appropriation acts including the interrelationship and respective roles, reporting, and notification requirements.


Knowledge Check

1. Federal appropriations law can be categorized into which three topical areas?

Answer: Purpose, Time, and Amount (PTA)2. Article 1, Section 9, of the U.S. Constitution gives the power to appropriate funds for operating the government to which branch of the government?

Answer: Legislative Branch (Congress)


Slide 12


Competency Two: Finance This area deals with the financial manager’s knowledge of rules concerning: military

and civilian pay, travel entitlements, vendor payments, electronic commerce, debt management, and public funds internal controls and responsibility.


Knowledge Check1. What is the primary organization in DoD with the responsibility for Finance requirements?

Answer: The Defense Finance and Accounting Service (DFAS)2. Which individuals hold personal and pecuniary liability for their actions in financial transactions?

Answer: Certifying Officers, Disbursing Officers, and Accountable Officials


Slide 13


Competency Three: Accounting This area deals with the financial manager’s knowledge of Federal accounting

procedures and practices.


Knowledge Check1. The Budget and Accounting Act of 1921 established the GAO (Legislative Branch) to audit financial transactions of which branch of the government?

Answer: The Executive Branch (President)2. What are the two self-balancing sets of accounts in the U.S. Government Standard General Ledger (USGSGL)?

Answer: Budgetary and Proprietary


Slide 14


Competency Four: Auditing This area deals with the financial manager’s knowledge of Comptroller General’s

Generally Accepted Government Auditing Standards (often called simply the Yellow Book), DoD audit policies and procedures, documentation requirements, reporting requirements, audit program development criteria, frequency review criteria and requirements, and constraints on non-audit services.


Knowledge Check1. Who conducts, supervises, monitors, and initiates audits and investigations relating to DoD programs and operations?

Answer: Department of Defense Inspector General (DODIG)2. What document includes the objectives of the audit, the findings, and when appropriate, the recommendations?

Answer: The Audit Report


Slide 15

Helpful “Tips” For Preparing for the Exam

Block off and dedicate a specific amount of time (preferably--8 weeks)

and a place where you can persistently, consistently, and fervently study

First and foremost , “Believe that you will pass and you will” -

When you believe something can be done, your mind will find ways

to do it. Believing a solution paves the way to a solution. ***You

must exude CONFIDENCE ***

Change your way of thinking about financial management (FM) --

Think “Big” ---Think Department of Defense (DOD) FM!

Accept the law of cause and effect. What appears to be someone’s

“Good Luck”…is “NOT” luck but “Planning, Preparation,

Successful Thinking, Motivation, and *** Action ***

Don’t procrastinate---You must commit your time and mind to

studying – remember Action cures fear !!!



Slide 16

Sample “Test” Questions & AnswersModule One: Resource Management Environment

A B C D


If Congress and the President do not complete action on all appropriation by ____ of September a _____ is passed by both houses to avoid a shutdown of government.

30th, continuing resolution




A


Slide 17


A B C D


The House and Senate budget committees manage the budget resolution step, These committees use the analysis provided by the _____, as well as the views and estimates provided by the standing committees regarding the funding required to continue their programs

Congressional Budget Office

(CBO)

House Appropriations

Committee

Senate Appropriations

CommitteePresident's Chief

of Staff

A


Slide 18


A B C D


One of the goals of the _____ was to provide for improvement, in each agency of the Federal Government, of systems of accounting, financial management, and internal controls to assure the issuance of reliable financial information and to deter fraud, waste, and abuse of Government resources.

CFO Act

Omnibus Reconciliation

Act

Federal Managers Financial

Integrity ActBudget

Enforcement Act

A


Slide 19


A B C D


_______ is the basic substantive legislation enacted by Congress that sets up or continues the legal operation of a Federal program or agency either indefinitely or for a specific time frame or sanctions a particular type of obligation or expenditure within a program.

Allocations Appropriations AuthorizationBudget

Authority

C


Slide 20

Sample “Test” Questions & AnswersModule Two: Defense Budget Process

A B C D


_________ is part of the government-wide system for the administrative control of appropriations and funds. It is a distribution of an amount available for obligation and/or commitment in an appropriation or fund account into amounts available for specified time periods, activities, projects, or combinations.

AllotmentApprortionment

request ApportionmentTreasury Warrant

C


Slide 21


A B C D


A ________ is a type of Economic Analysis that documents the review of an entire process such as supply or maintenance. It requires a risk assessment of each alternative requesting high and low estimates for each cost element and subsequent probability distribution of expected costs.

Capital Budget Analysis

Environmental Quality

Economic Analyses

Functional Economic Analysis

Competitive Source Economic

Analysis

C


Slide 22


A B C D


The ______ provides guidance to the Federal Manager on improving accountability and effectiveness of Federal programs and operations by establishing assessing, correcting and reporting management controls.

OMB Circular A-11

OMB Circular A-123

OMB Circular A-76

OMB Circular A-34

B


Slide 23

Sample “Test” Questions & AnswersModule Three: Accounting and Finance

A B C D


______is required for reprogramming that result in increases in procurement quantities of major program end items, changes to Congressional Interest Items in an Authorization Act, movement of funds between appropriations involving General Transfer Authority.

Presidental Approval

Office of Management and Budget Approval

Congressional Prior Approval All of the above

C


Slide 24


A B C D


The regulation that is composed of 15 volumes and provides DoD components with the policy and procedures within the responsibility of the Under Secretary of Defense (Comptroller) is the__________

The Red Book, Financial

Management Regulation

(FMR)

The Yellow Book, Financial


(FMR)

The DoD 7000.14R, Financial


(FMR)

The DoD 7014.00R, Financial


(FMR)

C


Slide 25


A B C D


The major focus of ________ is on certifying entitlements and making payments. Additionally, it focuses on the various disbursement responsibilities and requirements for safeguarding the resources that are under an accountable individuals control.

Accounting Contracting Budget Finance

D


Slide 26


A B C D


The type of audit that determines whether financial information is presented in accordance with established criteria, whether there is adherence to compliance requirements and if financial assets are adequately safeguarded is a _____________ audit.

Compliance Audit

Performance Audit Program Audit Financial Audit

D


Slide 27

The Eight (8)Week Study Plan

Last Two Days (Saturday and Sunday): Rest and take in all that you have read on an inclusive level. That is, continue to digest the “Big” picture of DOD from your reading.

Weeks One (1) & Two (2): First Two Days (Monday and Tuesday): Read The American Society of

Military Comptrollers (ASMC) Reference Guide (July 2000_updated January 2004).

Read it straight through like a book/novel. You are reading for comprehension---not technical--not to research or reference

Second Ten Days (Wednesday thru Friday): Read The Enhanced Defense Financial Management Training Course (EDFMTC) textbook

Read it straight through like a book/novel. You are reading for comprehension---not technical--not to research or reference


*** Comprehension through Repetition ***


Slide 28


Saturday & Sunday: Rest !!!

Weeks Three (3) & Four (4) -- Module One (1):

Wednesday thru Friday: Competencies Two-Four, ONLY : Repeat the five (5) steps listed above.

Repeat the process above for week # Four (4): with the exception of Saturday;

Saturday you take Module One Exam!!!. Sunday you rest!


Monday and Tuesday of Week Three (3): Follow the Required Five (5) steps for Competency Area #1: The five steps are as follows:



Slide 29



Weeks Five (5) & Six (6) -- Module Two (2):

Wednesday thru Friday: Competencies Two & Three, ONLY : Repeat the five (5) steps listed above.

Repeat the process above for week # Six (6): with the exception of Saturday;

Saturday you take Module Two Exam!!!. Sunday you rest!


Monday and Tuesday of Week Five (5): Follow the Required Five (5) steps for Competency Area #1: The five steps are as follows:



Slide 30



Weeks Seven (7) & Eight (8) -- Module Three (3):

Wednesday thru Friday: Competencies Two-Four, ONLY : Repeat the five (5) steps listed above.

Repeat the process above for week # Eight (8): with the exception of Saturday;

Saturday you take Module Three Exam!!!. Sunday you rest!


Monday and Tuesday of Week Seven (7): Follow the Required Five (5) steps for Competency Area #1: The five steps are as follows:



Slide 31

Closing

M: Motivation- You have to develop a motive or a purpose as to why you want to become a

CDFM.

Is it because you want a promotion?

Is it because you want the designation behind your name?

Is it for respect?

Is it for shear educational reasons or purposes?

Regardless of the reason or motive, you must discover that purpose. Once you

discover that motive, you can then begin to act on that motive. Motive plus

action equals Motivation! Motivation is a motive acted upon. You must develop

a motive and then act on that motive and display and stay motivated.

All successful individuals share this attribute



Slide 32

Closing

O: Opportunity- You must take advantage of every single opportunity that presents itself for you

to learn and to study.

For example research and find out where the Enhance Defense Financial

Management Training Course (EDFMTC) is being offered and sign up and take

it – it is centrally funded – that is, it is free!!!

Take advantage of mentors, advice, articles, and the like, which will help you

study and obtain your CDFM.

It is absolutely essential that you seek out every single opportunity that is

possible.



Slide 33

Closing

N: Network- Seek out those that already have the CDFM and network with them.

Trade business cards with them.

Seek advice and recommendations from them.

Network each and every opportunity that you get with someone that you know

that has successfully passed the CDFM exam.

You will find this to be tremendously helpful.



Slide 34

Closing

E: Education- Set a goal to become more educated every day.

Take 30 minutes or an hour each day to study a segment of one of the modules of

the CDFM.

It will make you smarter whether you are about to take the exam or not.

The CDFM, in of itself, is quality education – alone.

It will help you with your everyday work environment regardless of the branch

of service that you work for - as the CDFM is DOD specific.



Slide 35

ClosingY: You- Finally, it is all about Y-O-U!

Will you develop a motive and/or a reason or a purpose to take the CDFM exam?

Will you put that motive into action and demonstrate and develop motivation to

study and pass the CDFM exam?

Will you take advantage of every opportunity to take classes including the

EDFMTC?

Will you take the opportunity to become an “expert” in DOD FM?

Will you take the opportunity to standout and separate yourself from the average

FM and your peers?

Will you educate yourself daily?

Will you use this eight week study plan? Will you become a CDFM in eight

weeks?Toney Williams, CDFM, CFEASMC PDI 2011Minneapolis, MN


Slide 36

Closing

M: *** Motivation ***

O: *** Opportunity ***

N: *** Network ***

E: *** Education ***

Y: *** You ***

Will you take this M.O.N.EY ?????Toney Williams, CDFM, CFEASMC PDI 2011Minneapolis, MN


Slide 37

QUESTIONS


EMAIL: [email protected] Phone #: (901) 874-4336

PRIMARY REFERENCE: ASMC Website (http://www.asmconline.org) &

The Enhanced Defense Financial Management Training Course (EDFMTC) Textbook, rev Oct 2009

mailto:[email protected]

http://www.asmconline.org/

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How to Become A Certified Defense Financial Manager (CDFM) in 8 Weeks Toney Williams, CDFM, CFE ASMC...

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