John  Wallingford,    Prince  Williams  County  Schools    Bruce  Chase,    Radford  University    Sandra  Stephens,    City  of  Kirkwood      

Moderator:    

Speakers:    

Sunday,  May  31,  2015  3:50  –  4:40  1  CPE  

The  New  Gold  Standard:  A  PracOcal  Guide  to  the  GFOA’s  CPFO  Program  

Speakers John Wallingford Director of Financial Services, Prince William County Public

Schools Bruce Chase Professor, Radford University Sandra Stephens Assistant Director of Financial Services, City of Kirkwood

CPFO

Certified Public Finance Officer

Government Finance Officers Association

What is the CPFO Certification Program?

The Certified Public Finance Officers Program (Certification Program) of the Government Finance Officers Association of the United States and Canada (GFOA) is a broad educational self-study program designed to verify knowledge in the disciplines of government finance.

What is the CPFO Certification Program?

The Certification Program is governed by the Council on Certification. Technical and administrative support for the program is provided by Radford University's Governmental and Nonprofit Assistance Center.

What is the CPFO Certification Program?

To earn the designation of Certified Public Finance Officer (CPFO), candidates must pass a series of five examinations covering the major disciplines of public finance. A candidate has seven years in which to successfully complete the program.

The Five Exams

l  Governmental Accounting, Auditing and Financial Reporting Exam

l  Treasury and Investment Management l  Operating and Capital Budgeting Exam l  Debt Management Exam l  Retirement and Benefits, Risk Management

and Procurement Exam

The Five Exams An individual need not commit to taking all five examinations to benefit from participating in the program. Each examination is of such scope and quality that passing any one examination constitutes a recognizable achievement.

The Five Exams

l  Given 3 times a year l  Can take two exams on same day l  3 ½ hours per examination l  175 multiple choice questions

Materials for the Five Exams

l  Based on reading list l  GFOA is offering a 50% Discount on

reading materials l  Some material is free on CPFO site l  Best Practices on GFOA site l  Sample exams questions

Pass Rates 2014

Passing Standard is 75% Correct Answers • GAAFR – 69% • Treasury – 61% • Budgeting – 63% • Debt – 76% • Retirement – 69%

Eligibility Requirements l  Education: baccalaureate degree from an accredited

institution. l  Current Employment: l  Employment History: A candidate must have had at

least three (3) years of primary government employment during the previous ten (10) years to be awarded the designation of Certified Public Finance Office (CPFO).

l  GFOA Membership or eligible for active membership l  Ethics: A candidate must accept and observe the

GFOA Code of Professional Ethics.

To Begin the Program l  Education: baccalaureate degree from an accredited

institution. l  Ethics: A candidate must accept and observe the

GFOA Code of Professional Ethics.

Summary of Fees

l  First exam taken = $295 l  Subsequent exam taken or retaken =

$145

Benefits of Becoming a CPFO and Practical Approaches to

Studying for the Exams

Sandy Stephens, CPFO Assistant Director of Finance, Kirkwood, Missouri

Treasurer, Rock Hill, Missouri stephesf@kirkwoodmo.org

Why Did I take the Exam?

Fulfill a personal goal. •  Began process Fall of 2007. Received CPFO

certification Spring of 2011.

Enhance fundamental skills. •  Financial Reporting •  Treasury and Investment Management •  Budgeting

Increase knowledge of best practices.

How Have I Benefited from Passing the Exam? •  Self Improvement.

•  Provided increased knowledge to better perform my duties. •  Assistant Director of Finance, City of Kirkwood, Missouri

•  A Missouri Charter City •  Treasurer, City of Rock Hill, Missouri

•  A Missouri 4th Class City

•  Provided the knowledge and confidence to assist in the implementation of a formal long-term financial plan.

•  Expanded professional network with other CPFOs.

How will the Programs Benefit You?

•  Receive practical self-study training

•  Build confidence

•  Expand your knowledge at work providing a better understanding of the tasks performed by others in budget, debt management, treasury and financial reporting

•  Will enhance your qualifications for promotion or a new position

How to Study for the Exams •  Order all the Reading Materials 3-4 months in advance

•  Use the CPFO Order form to receive 50% discount. •  Don’t forget the non-GFOA reading materials.

•  Sign-up for the GFOA training course on related topics •  Live Classes •  Web Classes

•  Read and study all materials before the GFOA class if possible.

How to Study for the Exams (Continued)

l  GFOA class will reinforce what you have learned and provide an opportunity to ask questions.

l  Focus on Best Practices

l  Use Technology to your advantage •  Apple and Android app – Flashcards Deluxe •  By OrangeOrApple.com •  PDF readers – iAnnotate PDF

•  Advantage of using technology such as the above examples is the portability.

l  Find a Buddy – Study and Take the Exams together

Questions

www.gfoa.org/cpfo www.gnac.radford.edu

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