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

44

Ann Harrity Shawver, CPA, CPFOPO Box 52

Roanoke, Virginia 24002

(540) 580-6162 ann.shawver@gmail.com