the benefits of becoming a cpfo and how you can … fall... · the benefits of becoming a cpfo and...

THE BENEFITS OF BECOMING A CPFOAND HOW YOU CAN MAKE IT HAPPEN

Fall Conference11.7.18

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THE CPFO CERTIFICATION PROGRAMA broad educational self-study program

designed to verify knowledgein the disciplines of

government finance3

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The Good News The Bad News

CPFO LEADS TO OPPORTUNITY

Credibility

Competitiveness for advancement opportunities

Study materials become on-the-jobresources

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EMPLOYERS ARE SUPPORTIVE!

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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

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PARTIES TO THE CPFO PROGRAM

Council on Certification

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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

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THE EXAMS Governmental Accounting, Auditing and Financial

ReportingTreasury and Investment Management Debt ManagementOperating and Capital BudgetingRetirement and Benefits, Risk Management and

Procurement10

TEST SITES

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https://www.gfoa.org/cpfo-testing-schedule

THE INVESTMENTRecommended reading materialsCPFO candidate discountPrep coursesInitial examSubsequent exams

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Which exam is the hardest

and which is the easiest?

THE EASIEST?BASED ON SURVEY RESULTS

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THE HARDEST?BASED ON SURVEY RESULTS

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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

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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

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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

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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

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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

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MAKING IT HAPPEN!

CONFIDENCE IS KEY!24

Forget the CPA

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ABOUT CONFIDENCE~ Study to pass on the first attempt

~ Don’t sit until you’re ready to pass

~ Take exams in order of confidence

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MOST CPFOS SURVEYEDTOOK EACH EXAM JUST ONCE

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YEARS TO COMPLETE2014 - 2017

40%37%

12%5% 2% 2% 2%

1 2 3 4 5 6 7

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READ EVERYTHING30

SAMPLE RECOMMENDED READING

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USE YOUR WAIT TIME!

STUDY AIDSStudy partners

CPFO prep courses

Study guides

Relevant sessions at conferences

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An exam

of the

financedirector

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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!

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THE EXAM SPECIFICATIONS

ARE YOUR ROADMAP

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SAMPLE EXAM SPECIFICATIONS

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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

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PERFECT IS THE

ENEMY OF GOOD!

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Let it go!43

and Makeit Happen!!

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GOOD LUCK!!!45

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Ann Harrity Shawver, CPA, CPFOPO Box 52

Roanoke, Virginia 24002

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