GFMC Exam Information and Outline
Governmental Financial Management and Control (Exam 3)
Syllabus Update Checked on: November 10, 2026
GFMC Exam Syllabus & Study Guide
Before you start practicing with our exam simulator, it is essential to understand the
official GFMC exam objectives. This course outline serves as your roadmap.
The information below reflects the 2026 syllabus defined by
AGA.
Below are complete topics detail with latest syllabus and course outline, that will help you good knowledge about exam objectives and topics that you have to prepare. These contents are covered in questions and answers pool of exam.
- Exam Format
- 115 multiple-choice questions; duration 2 hours 15 minutes
- I. Financial Management Functions (22%)
- Cash management: controls, collections acceleration, EFT, improper payments
- Investment management: risk/liquidity/yield, fiduciary duties, investment policy
- Loans and debt collection
- Procurement: competition, contract evaluation and monitoring
- Property, materials, supplies and inventory management
- Financial information systems, shared services and project management
- II. Financial and Managerial Analysis Techniques (20%)
- Present/future value, cash flow, payback, trend and ratio analysis
- Regression, strategic sourcing, earned value management, flowcharting
- Information sources and data reliability
- Forensic auditing techniques and data analytics
- III. Internal Control (25%)
- Control objectives, COSO framework, GAO Green Book and OMB A-123
- Controls over operations, IT, financial reporting and compliance
- Fraud, waste and abuse prevention and detection
- Management, internal and external auditor responsibilities; SOC reports
- Evaluating and reporting on internal control
- Enterprise risk management, continuity of operations, human capital planning
- IV. Performance Measurement, Metrics and SEA (13%)
- Financial and non-financial measures; links to goals, plans and budgets
- Inputs, outputs, outcomes and efficiency measures
- Data characteristics, baselines, benchmarks and stakeholder input
- Legal requirements and guidance
- V. Auditing (20%)
- Types of auditors and audits: financial, attestation, performance
- Government Auditing Standards (Yellow Book) and AICPA standards
- Auditor independence and non-audit services; materiality
- Auditee responsibilities, representation letters and corrective action plans
- Single Audit Act: scope, required reports, recipient/subrecipient duties