the benefits of becoming a cpfo and how you can … fall... · the benefits of becoming a cpfo and...
TRANSCRIPT
THE BENEFITS OF BECOMING A CPFOAND HOW YOU CAN MAKE IT HAPPEN
Fall Conference11.7.18
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
CPFO LEADS TO OPPORTUNITY
Credibility
Competitiveness for advancement opportunities
Study materials become on-the-jobresources
5
EMPLOYERS ARE SUPPORTIVE!
6
HISTORY OF THE CPFOA small group of visionaries conceived idea; GFOA
endorsed program
Program launched with one exam in seven locations
Additional exam added each year
Exams fully developed, first CPFOs and Council on Certification formed
Strategic alliance formed with Radford University for program administration
7
PARTIES TO THE CPFO PROGRAM
Council on Certification
8
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
9
THE EXAMS Governmental Accounting, Auditing and Financial
ReportingTreasury and Investment Management Debt ManagementOperating and Capital BudgetingRetirement and Benefits, Risk Management and
Procurement10
TEST SITES
11
https://www.gfoa.org/cpfo-testing-schedule
THE INVESTMENTRecommended reading materialsCPFO candidate discountPrep coursesInitial examSubsequent exams
12
13
Which exam is the hardest
and which is the easiest?
THE EASIEST?BASED ON SURVEY RESULTS
14
THE HARDEST?BASED ON SURVEY RESULTS
15
70% OVERALL PASS RATE2010 - 2017
68%75%
67% 70% 72%
0%10%20%30%40%50%60%70%80%90%
100%
GAAFR RetirementEtc
Treasury Debt Budget
16
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
17
18
YEAR OF COMPLETIONACTIVE CPFOS
0
20
40
60
80
100
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 201719
STATE REPRESENTATION
20
CPFOs in the US
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
21
GFOA CHAPTERS CAN SUPPORT CPFO
An example from neighboring Virginia: $200 fee CPFO prep course 1.5 days live training 12 CPE credits Covered by VGFOA: 50% of CPFO exam fee CPFO application fee, if applicable Host site with exam in 2-3 weeks
22
MAKING IT HAPPEN!
CONFIDENCE IS KEY!24
Forget the CPA
25
ABOUT CONFIDENCE~ Study to pass on the first attempt
~ Don’t sit until you’re ready to pass
~ Take exams in order of confidence
26
MOST CPFOS SURVEYEDTOOK EACH EXAM JUST ONCE
27
28
YEARS TO COMPLETE2014 - 2017
40%37%
12%5% 2% 2% 2%
1 2 3 4 5 6 7
29
READ EVERYTHING30
SAMPLE RECOMMENDED READING
31
32
33
USE YOUR WAIT TIME!
STUDY AIDSStudy partners
CPFO prep courses
Study guides
Relevant sessions at conferences
34
An exam
of the
financedirector
35
MULTIPLE CHOICE36
TEST TAKING TIPSRead carefullyWatch for ‘always’, ‘never’, ‘all’, ‘except’Use the test booklet like it’s yoursUse the process of eliminationSome questions may help answer othersAnswer everything!
37
THE EXAM SPECIFICATIONS
ARE YOUR ROADMAP
38
SAMPLE EXAM SPECIFICATIONS
39
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…40
41
PERFECT IS THE
ENEMY OF GOOD!
42
Let it go!43
and Makeit Happen!!
44
GOOD LUCK!!!45
