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Exam Code: GFMC
Exam Name: Examination 3: Governmental Financial Management and Control (GFMC)
Updated: Nov 04, 2026
Q & A: 117 Questions and Answers
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| Certification Vendor: | AGA (Association of Government Accountants) |
|---|---|
| Exam Name: | Examination 3: Governmental Financial Management and Control |
| Exam Number: | GFMC |
| Real Exam Qty: | 115 |
| Passing Score: | 500 (scaled score 200–700) |
| Exam Price: | $150 USD |
| Related Certifications: | Examination 1: The Governmental Environment Examination 2: Governmental Accounting, Financial Reporting and Budgeting |
| Exam Format: | Multiple-choice questions |
| Available Languages: | English |
| Certificate Validity Period: | 3 years, requires annual renewal and continuing education |
| Exam Duration: | 135 minutes |
| Recommended Training: | CGFM Exam Preparation Resources AGA Official Study Materials |
| Exam Registration: | AGA Official Registration Pearson VUE Scheduling |
| Sample Questions: | ![]() |
| Exam Way: | Computer-based; available at Pearson VUE test centers or online proctored (OnVUE) |
| Pre Condition: | Bachelor's degree or higher; must apply and be accepted into CGFM program; no prior exam required |
| Official Syllabus URL: | https://www.agacgfm.org/cgfm-certification/cgfm-exams/exam-3/ |
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Financial Management Functions | 22% | - Shared services concepts - Investment management - Cash management
- Procurement and property management - Debt management and collection |
| Topic 2: Internal Controls | 25% | - Enterprise Risk Management (ERM) - Control activities and monitoring - Risk assessment and mitigation - Internal control frameworks (COSO, GAO, OMB standards) - Control objectives and components - Reporting on internal control effectiveness |
| Topic 3: Auditing | 20% | - Types and objectives of audits - Auditing standards and standard-setting bodies - Follow-up and corrective action - Audit reports and materiality - Role of internal and external auditors |
| Topic 4: Performance Measurement / Metrics / Service Efforts and Accomplishments (SEA) | 13% | - Linking measures to organizational goals - SEA reporting and use - Objectives of performance measures - Financial and non-financial indicators |
| Topic 5: Financial and Managerial Analysis Techniques | 20% | - Forecasting and projection techniques - Budgetary analysis and interpretation - Financial analysis methods and tools - Managerial decision support - Cost analysis and classification |
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The AGA Examination 3: Governmental Financial Management and Control (GFMC) blueprint centers on these domains:
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Currently, the GFMC exam's passing score is 500 (scaled score 200–700) and the registration fee is $150 USD. These figures belong to AGA and can be revised, so confirm them on the official site before scheduling.
AGA states the following prerequisites for the AGA Examination 3: Governmental Financial Management and Control (GFMC): Bachelor's degree or higher; must apply and be accepted into CGFM program; no prior exam required.
For the authoritative details, see the official certification page.
AGA recommends these official training resources:
Pair the course that fits your background with consistent question practice for the best results.
According to the latest exam information, the GFMC exam contains 115 questions and lasts 135 minutes minutes. Simulating those conditions at home with the PC test engine is excellent preparation for the real environment.
Simplified acquisition processes assist an agency by
Correct Answer: C 🗳️
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A sound investment category for pension funds that can be easily valued is
Correct Answer: A 🗳️
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According to the GAO, internal control is a process used by management to
Correct Answer: D 🗳️
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Pay.gov is an example of
Correct Answer: A 🗳️
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The first step in investment management is to
Correct Answer: D 🗳️
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