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How to Become A Certified Defense Financial Manager (CDFM) in 8 Weeks Toney Williams, CDFM, CFE ASMC PDI 2011 Minneapolis, MN Slide 1

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Presentation on theme: "How to Become A Certified Defense Financial Manager (CDFM) in 8 Weeks Toney Williams, CDFM, CFE ASMC PDI 2011 Minneapolis, MN Slide 1"— Presentation transcript:

1 How to Become A Certified Defense Financial Manager (CDFM) in 8 Weeks Toney Williams, CDFM, CFE ASMC PDI 2011 Minneapolis, MN Slide 1 Phone #: (901) PRIMARY REFERENCE: ASMC Website (http://www.asmconline.org) &http://www.asmconline.org The Enhanced Defense Financial Management Training Course (EDFMTC) Textbook, rev Oct 2009 Toney Williams, CDFM, CFE

2 How to Become A Certified Defense Financial Manager (CDFM) in 8 Weeks Slide 2 AGENDA  Brief Overview of The Three (3) CDFM Modules  Helpful “ Mental Tips” For Preparing for the Exam  Sample Test Questions and Answers  The Eight (8) Week Study Plan  Motivational Closing Toney Williams, CDFM, CFE ASMC PDI 2011 Minneapolis, MN

3 How to Become A Certified Defense Financial Manager (CDFM) in 8 Weeks Slide 3 The Three (3) CDFM Exam Modules  Module Three: Accounting and Finance  Competency One: Fiscal Law  Competency Two: Finance  Competency Three: Accounting  Competency Four: Auditing  Module One: Resource Management Environment  Competency One: Government Resource Management Environment  Competency Two: Manpower Management  Competency Three: Personnel Management  Competency Four: Management’s Responsibility for Internal Control  Module Two: Budget and Cost Analysis  Competency One: Defense Budget Process  Competency Two: Cost and Economic Analysis  Competency Three: Business Management / Process Improvement Toney Williams, CDFM, CFE ASMC PDI 2011 Minneapolis, MN

4 How to Become A Certified Defense Financial Manager (CDFM) in 8 Weeks Slide 4 The Three (3) CDFM Exam Modules  Module One: Resource Management Environment  Competency One: Government Resource Management Environment  This area deals with the financial manager’s knowledge of relationships of checks and balances among the branches of the Federal Government; structure of the Federal budget, including sources of revenue and expenditures; the roles of the President, Congress, Treasury, OMB, and other Federal agencies in the legislative process, and the four phases of the Budget Cycle. Toney Williams, CDFM, CFE ASMC PDI 2011 Minneapolis, MN Knowledge Check 1. How many branches of government did the Constitution establish? Answer: Three 2. What agency issues apportionments? Answer: Office of Management and Budget (OMB)

5 How to Become A Certified Defense Financial Manager (CDFM) in 8 Weeks Slide 5 The Three (3) CDFM Exam Modules  Module One: Resource Management Environment  Competency Two: Manpower Management  This area deals with the financial manager’s knowledge of manpower and force management as they relate to resource management, manpower rules, regulations, laws, and development of manpower requirements. Toney Williams, CDFM, CFE ASMC PDI 2011 Minneapolis, MN Knowledge Check 1. Where can the rules for calculating FTE employment be found? Answer: OMB Circular A What term is used to refer to the totality of units in a DoD component? Answer: Force Structure

6 How to Become A Certified Defense Financial Manager (CDFM) in 8 Weeks Slide 6 The Three (3) CDFM Exam Modules  Module One: Resource Management Environment  Competency Three: Personnel Management  This area deals with the financial manager’s knowledge of training, conflict resolution, performance appraisal, EEO complaint resolution, and improving poor performance. Toney Williams, CDFM, CFE ASMC PDI 2011 Minneapolis, MN Knowledge Check 1. New Federal employees normally serve a probationary period of how long? Answer: One year 2. Effective training can be a critical component for achieving what? Answer: Organizational Goals

7 How to Become A Certified Defense Financial Manager (CDFM) in 8 Weeks Slide 7 The Three (3) CDFM Exam Modules  Module One: Resource Management Environment  Competency Four: Management’s Responsibility for Internal Control  This area deals with the financial manager’s knowledge of the Federal Managers’ Financial Integrity Act of 1982, Comptroller General Standards for Internal Controls in the Federal Government, and applicable Federal Government and DoD management control guidance and regulations. Toney Williams, CDFM, CFE ASMC PDI 2011 Minneapolis, MN Knowledge Check 1. The Integrity Act report must include agency plans to correct what type of weakness? Answer: Material Weakness 2. How many standards are there in the GAO Standards of Internal Control? Answer: Five

8 How to Become A Certified Defense Financial Manager (CDFM) in 8 Weeks Slide 8 The Three (3) CDFM Exam Modules  Module Two: Budget and Cost Analysis  Competency One: Defense Budget Process  This area deals with the financial manager’s knowledge of the DoD budget formulation, review, and execution; OMB Circulars and implementation of DoD guidance; relationships among and use of appropriations and funds; the stages of funds execution; reimbursable and support agreements; flow of funds; and the DoD programming process, terminology, and products. Toney Williams, CDFM, CFE ASMC PDI 2011 Minneapolis, MN Knowledge Check 1. Who serves as the Chairman of the National Security Council? Answer: The President of the United States of America 2. Who is the principal advisor and assistant to the Secretary of Defense for budget and fiscal matters? Answer: Undersecretary of Defense, (Comptroller) / CFO

9 How to Become A Certified Defense Financial Manager (CDFM) in 8 Weeks Slide 9 The Three (3) CDFM Exam Modules  Module Two: Budget and Cost Analysis  Competency Two: Cost and Economic Analysis  This area deals with the financial manager’s knowledge of mathematical and statistical methods; cost estimating techniques; benefit analysis including payback, return on investment, and present value; system acquisition and life-cycle management policies, DoD Cost Guidance; concepts and principles for Activity-Based Costing; and acquisition concepts, principles, and processes. Toney Williams, CDFM, CFE ASMC PDI 2011 Minneapolis, MN Knowledge Check 1. Cost savings, cost avoidance and productivity improvement are recognized as what type of benefits? Answer: Quantifiable Benefits 2. What is the difference between budget cost of work performed and actual cost of work performed? Answer: Cost Variance

10 How to Become A Certified Defense Financial Manager (CDFM) in 8 Weeks Slide 10 The Three (3) CDFM Exam Modules  Module Two: Budget and Cost Analysis  Competency Three: Business Management / Process Improvement  This area deals with the financial manager’s knowledge of concepts of Business Process Reengineering, special authority to use receipts, Government Performance and Results Act of 1993, and directives and regulations related to the performance of commercial activities. Toney Williams, CDFM, CFE ASMC PDI 2011 Minneapolis, MN Knowledge Check 1. What law or regulation has as its goal the improvement of Federal program effectiveness and public accountability by promoting a new focus on results, service quality, and customer satisfaction? Answer: Government Performance and Results Act (GPRA) 2. What is an assessment of the results of a program activity when comparing to its intended purpose? Answer: Outcome or Outcome Measures

11 How to Become A Certified Defense Financial Manager (CDFM) in 8 Weeks Slide 11 The Three (3) CDFM Exam Modules  Module Three: Accounting and Finance  Competency One: Fiscal Law  This area deals with the financial manager’s knowledge of law regarding availability of appropriation as to the purpose, time, and amount; applicable Comptroller General decisions; special purpose laws (credit reform, foreign assistance, arms export control acts); penalties and sanctions applicable under law; the Anti-deficiency Act (as applied to appropriation limitations); allotment or project executions; and authorization and appropriation acts including the interrelationship and respective roles, reporting, and notification requirements. Toney Williams, CDFM, CFE ASMC PDI 2011 Minneapolis, MN Knowledge Check 1. Federal appropriations law can be categorized into which three topical areas? Answer: Purpose, Time, and Amount (PTA) 2. Article 1, Section 9, of the U.S. Constitution gives the power to appropriate funds for operating the government to which branch of the government? Answer: Legislative Branch (Congress)

12 How to Become A Certified Defense Financial Manager (CDFM) in 8 Weeks Slide 12 The Three (3) CDFM Exam Modules  Module Three: Accounting and Finance  Competency Two: Finance  This area deals with the financial manager’s knowledge of rules concerning: military and civilian pay, travel entitlements, vendor payments, electronic commerce, debt management, and public funds internal controls and responsibility. Toney Williams, CDFM, CFE ASMC PDI 2011 Minneapolis, MN Knowledge Check 1. What is the primary organization in DoD with the responsibility for Finance requirements? Answer: The Defense Finance and Accounting Service (DFAS) 2. Which individuals hold personal and pecuniary liability for their actions in financial transactions? Answer: Certifying Officers, Disbursing Officers, and Accountable Officials

13 How to Become A Certified Defense Financial Manager (CDFM) in 8 Weeks Slide 13 The Three (3) CDFM Exam Modules  Module Three: Accounting and Finance  Competency Three: Accounting  This area deals with the financial manager’s knowledge of Federal accounting procedures and practices. Toney Williams, CDFM, CFE ASMC PDI 2011 Minneapolis, MN Knowledge Check 1. The Budget and Accounting Act of 1921 established the GAO (Legislative Branch) to audit financial transactions of which branch of the government? Answer: The Executive Branch (President) 2. What are the two self-balancing sets of accounts in the U.S. Government Standard General Ledger (USGSGL)? Answer: Budgetary and Proprietary

14 How to Become A Certified Defense Financial Manager (CDFM) in 8 Weeks Slide 14 The Three (3) CDFM Exam Modules  Module Three: Accounting and Finance  Competency Four: Auditing  This area deals with the financial manager’s knowledge of Comptroller General’s Generally Accepted Government Auditing Standards (often called simply the Yellow Book), DoD audit policies and procedures, documentation requirements, reporting requirements, audit program development criteria, frequency review criteria and requirements, and constraints on non-audit services. Toney Williams, CDFM, CFE ASMC PDI 2011 Minneapolis, MN Knowledge Check 1. Who conducts, supervises, monitors, and initiates audits and investigations relating to DoD programs and operations? Answer: Department of Defense Inspector General (DODIG) 2. What document includes the objectives of the audit, the findings, and when appropriate, the recommendations? Answer: The Audit Report

15 How to Become A Certified Defense Financial Manager (CDFM) in 8 Weeks Slide 15 Helpful “Tips” For Preparing for the Exam  Block off and dedicate a specific amount of time (preferably--8 weeks) and a place where you can persistently, consistently, and fervently study  First and foremost, “Believe that you will pass and you will” - When you believe something can be done, your mind will find ways to do it. Believing a solution paves the way to a solution. ***You must exude CONFIDENCE ***  Change your way of thinking about financial management (FM) -- Think “Big” ---Think Department of Defense (DOD) FM!  Accept the law of cause and effect. What appears to be someone’s “Good Luck”…is “NOT” luck but “Planning, Preparation, Successful Thinking, Motivation, and *** Action ***  Don’t procrastinate---You must commit your time and mind to studying – remember Action cures fear !!! Toney Williams, CDFM, CFE ASMC PDI 2011 Minneapolis, MN

16 How to Become A Certified Defense Financial Manager (CDFM) in 8 Weeks Slide 16 Sample “Test” Questions & Answers Module One: Resource Management Environment ABCD Toney Williams, CDFM, CFE ASMC PDI 2011 Minneapolis, MN If Congress and the President do not complete action on all appropriation by ____ of September a _____ is passed by both houses to avoid a shutdown of government. 30th, continuing resolution 31th, continuing resolution 7th, continuing resolution 24th, continuing resolution A

17 How to Become A Certified Defense Financial Manager (CDFM) in 8 Weeks Slide 17 Sample “Test” Questions & Answers Module One: Resource Management Environment ABCD Toney Williams, CDFM, CFE ASMC PDI 2011 Minneapolis, MN The House and Senate budget committees manage the budget resolution step, These committees use the analysis provided by the _____, as well as the views and estimates provided by the standing committees regarding the funding required to continue their programs Congressional Budget Office (CBO) House Appropriations Committee Senate Appropriations Committee President's Chief of Staff A

18 How to Become A Certified Defense Financial Manager (CDFM) in 8 Weeks Slide 18 Sample “Test” Questions & Answers Module One: Resource Management Environment ABCD Toney Williams, CDFM, CFE ASMC PDI 2011 Minneapolis, MN One of the goals of the _____ was to provide for improvement, in each agency of the Federal Government, of systems of accounting, financial management, and internal controls to assure the issuance of reliable financial information and to deter fraud, waste, and abuse of Government resources. CFO Act Omnibus Reconciliation Act Federal Managers Financial Integrity Act Budget Enforcement Act A

19 How to Become A Certified Defense Financial Manager (CDFM) in 8 Weeks Slide 19 Sample “Test” Questions & Answers Module One: Resource Management Environment ABCD Toney Williams, CDFM, CFE ASMC PDI 2011 Minneapolis, MN _______ is the basic substantive legislation enacted by Congress that sets up or continues the legal operation of a Federal program or agency either indefinitely or for a specific time frame or sanctions a particular type of obligation or expenditure within a program. AllocationsAppropriationsAuthorization Budget Authority C

20 How to Become A Certified Defense Financial Manager (CDFM) in 8 Weeks Slide 20 Sample “Test” Questions & Answers Module Two: Defense Budget Process ABCD Toney Williams, CDFM, CFE ASMC PDI 2011 Minneapolis, MN _________ is part of the government-wide system for the administrative control of appropriations and funds. It is a distribution of an amount available for obligation and/or commitment in an appropriation or fund account into amounts available for specified time periods, activities, projects, or combinations. Allotment Apprortionment requestApportionment Treasury Warrant C

21 How to Become A Certified Defense Financial Manager (CDFM) in 8 Weeks Slide 21 Sample “Test” Questions & Answers Module Two: Defense Budget Process ABCD Toney Williams, CDFM, CFE ASMC PDI 2011 Minneapolis, MN A ________ is a type of Economic Analysis that documents the review of an entire process such as supply or maintenance. It requires a risk assessment of each alternative requesting high and low estimates for each cost element and subsequent probability distribution of expected costs. Capital Budget Analysis Environmental Quality Economic Analyses Functional Economic Analysis Competitive Source Economic Analysis C

22 How to Become A Certified Defense Financial Manager (CDFM) in 8 Weeks Slide 22 Sample “Test” Questions & Answers Module Two: Defense Budget Process ABCD Toney Williams, CDFM, CFE ASMC PDI 2011 Minneapolis, MN The ______ provides guidance to the Federal Manager on improving accountability and effectiveness of Federal programs and operations by establishing assessing, correcting and reporting management controls. OMB Circular A-11 OMB Circular A-123 OMB Circular A-76 OMB Circular A-34 B

23 How to Become A Certified Defense Financial Manager (CDFM) in 8 Weeks Slide 23 Sample “Test” Questions & Answers Module Three: Accounting and Finance ABCD Toney Williams, CDFM, CFE ASMC PDI 2011 Minneapolis, MN ______is required for reprogramming that result in increases in procurement quantities of major program end items, changes to Congressional Interest Items in an Authorization Act, movement of funds between appropriations involving General Transfer Authority. Presidental Approval Office of Management and Budget Approval Congressional Prior ApprovalAll of the above C

24 How to Become A Certified Defense Financial Manager (CDFM) in 8 Weeks Slide 24 Sample “Test” Questions & Answers Module Three: Accounting and Finance ABCD Toney Williams, CDFM, CFE ASMC PDI 2011 Minneapolis, MN The regulation that is composed of 15 volumes and provides DoD components with the policy and procedures within the responsibility of the Under Secretary of Defense (Comptroller) is the__________ The Red Book, Financial Management Regulation (FMR) The Yellow Book, Financial Management Regulation (FMR) The DoD R, Financial Management Regulation (FMR) The DoD R, Financial Management Regulation (FMR) C

25 How to Become A Certified Defense Financial Manager (CDFM) in 8 Weeks Slide 25 Sample “Test” Questions & Answers Module Three: Accounting and Finance ABCD Toney Williams, CDFM, CFE ASMC PDI 2011 Minneapolis, MN The major focus of ________ is on certifying entitlements and making payments. Additionally, it focuses on the various disbursement responsibilities and requirements for safeguarding the resources that are under an accountable individuals control. AccountingContractingBudgetFinance D

26 How to Become A Certified Defense Financial Manager (CDFM) in 8 Weeks Slide 26 Sample “Test” Questions & Answers Module Three: Accounting and Finance ABCD Toney Williams, CDFM, CFE ASMC PDI 2011 Minneapolis, MN The type of audit that determines whether financial information is presented in accordance with established criteria, whether there is adherence to compliance requirements and if financial assets are adequately safeguarded is a _____________ audit. Compliance Audit Performance AuditProgram AuditFinancial Audit D

27 How to Become A Certified Defense Financial Manager (CDFM) in 8 Weeks Slide 27 The Eight (8)Week Study Plan  Last Two Days (Saturday and Sunday): Rest and take in all that you have read on an inclusive level. That is, continue to digest the “Big” picture of DOD from your reading.  Weeks One (1) & Two (2):  First Two Days (Monday and Tuesday): Read The American Society of Military Comptrollers (ASMC) Reference Guide (July 2000_updated January 2004).  Read it straight through like a book/novel. You are reading for comprehension---not technical--not to research or reference  Second Ten Days (Wednesday thru Friday): Read The Enhanced Defense Financial Management Training Course (EDFMTC) textbook  Read it straight through like a book/novel. You are reading for comprehension---not technical--not to research or reference Toney Williams, CDFM, CFE ASMC PDI 2011 Minneapolis, MN *** Comprehension through Repetition ***

28 How to Become A Certified Defense Financial Manager (CDFM) in 8 Weeks Slide 28 The Eight (8)Week Study Plan  Saturday & Sunday: Rest !!!  Weeks Three (3) & Four (4) -- Module One (1):  Wednesday thru Friday: Competencies Two-Four, ONLY : Repeat the five (5) steps listed above.  Repeat the process above for week # Four (4): with the exception of Saturday; Saturday you take Module One Exam!!!. Sunday you rest! Toney Williams, CDFM, CFE ASMC PDI 2011 Minneapolis, MN  Monday and Tuesday of Week Three (3): Follow the Required Five (5) steps for Competency Area #1: The five steps are as follows: *** Comprehension through Repetition ***

29 How to Become A Certified Defense Financial Manager (CDFM) in 8 Weeks Slide 29 The Eight (8)Week Study Plan  Saturday & Sunday: Rest !!!  Weeks Five (5) & Six (6) -- Module Two (2):  Wednesday thru Friday: Competencies Two & Three, ONLY : Repeat the five (5) steps listed above.  Repeat the process above for week # Six (6): with the exception of Saturday; Saturday you take Module Two Exam!!!. Sunday you rest! Toney Williams, CDFM, CFE ASMC PDI 2011 Minneapolis, MN  Monday and Tuesday of Week Five (5): Follow the Required Five (5) steps for Competency Area #1: The five steps are as follows: *** Comprehension through Repetition ***

30 How to Become A Certified Defense Financial Manager (CDFM) in 8 Weeks Slide 30 The Eight (8)Week Study Plan  Saturday & Sunday: Rest !!!  Weeks Seven (7) & Eight (8) -- Module Three (3):  Wednesday thru Friday: Competencies Two-Four, ONLY : Repeat the five (5) steps listed above.  Repeat the process above for week # Eight (8): with the exception of Saturday; Saturday you take Module Three Exam!!!. Sunday you rest! Toney Williams, CDFM, CFE ASMC PDI 2011 Minneapolis, MN  Monday and Tuesday of Week Seven (7): Follow the Required Five (5) steps for Competency Area #1: The five steps are as follows: *** Comprehension through Repetition ***

31 How to Become A Certified Defense Financial Manager (CDFM) in 8 Weeks Slide 31 Closing M: Motivation-  You have to develop a motive or a purpose as to why you want to become a CDFM.  Is it because you want a promotion?  Is it because you want the designation behind your name?  Is it for respect?  Is it for shear educational reasons or purposes?  Regardless of the reason or motive, you must discover that purpose. Once you discover that motive, you can then begin to act on that motive. Motive plus action equals Motivation! Motivation is a motive acted upon. You must develop a motive and then act on that motive and display and stay motivated.  All successful individuals share this attribute Toney Williams, CDFM, CFE ASMC PDI 2011 Minneapolis, MN

32 How to Become A Certified Defense Financial Manager (CDFM) in 8 Weeks Slide 32 Closing O: Opportunity-  You must take advantage of every single opportunity that presents itself for you to learn and to study.  For example research and find out where the Enhance Defense Financial Management Training Course (EDFMTC) is being offered and sign up and take it – it is centrally funded – that is, it is free!!!  Take advantage of mentors, advice, articles, and the like, which will help you study and obtain your CDFM.  It is absolutely essential that you seek out every single opportunity that is possible. Toney Williams, CDFM, CFE ASMC PDI 2011 Minneapolis, MN

33 How to Become A Certified Defense Financial Manager (CDFM) in 8 Weeks Slide 33 Closing N: Network-  Seek out those that already have the CDFM and network with them.  Trade business cards with them.  Seek advice and recommendations from them.  Network each and every opportunity that you get with someone that you know that has successfully passed the CDFM exam.  You will find this to be tremendously helpful. Toney Williams, CDFM, CFE ASMC PDI 2011 Minneapolis, MN

34 How to Become A Certified Defense Financial Manager (CDFM) in 8 Weeks Slide 34 Closing E: Education-  Set a goal to become more educated every day.  Take 30 minutes or an hour each day to study a segment of one of the modules of the CDFM.  It will make you smarter whether you are about to take the exam or not.  The CDFM, in of itself, is quality education – alone.  It will help you with your everyday work environment regardless of the branch of service that you work for - as the CDFM is DOD specific. Toney Williams, CDFM, CFE ASMC PDI 2011 Minneapolis, MN

35 How to Become A Certified Defense Financial Manager (CDFM) in 8 Weeks Slide 35 Closing Y: You-  Finally, it is all about Y-O-U!  Will you develop a motive and/or a reason or a purpose to take the CDFM exam?  Will you put that motive into action and demonstrate and develop motivation to study and pass the CDFM exam?  Will you take advantage of every opportunity to take classes including the EDFMTC?  Will you take the opportunity to become an “expert” in DOD FM?  Will you take the opportunity to standout and separate yourself from the average FM and your peers?  Will you educate yourself daily?  Will you use this eight week study plan? Will you become a CDFM in eight weeks? Toney Williams, CDFM, CFE ASMC PDI 2011 Minneapolis, MN

36 How to Become A Certified Defense Financial Manager (CDFM) in 8 Weeks Slide 36 Closing M: *** Motivation *** O: *** Opportunity *** N: *** Network *** E: *** Education *** Y: *** You *** Will you take this M.O.N.EY ????? Toney Williams, CDFM, CFE ASMC PDI 2011 Minneapolis, MN

37 How to Become A Certified Defense Financial Manager (CDFM) in 8 Weeks Slide 37 QUESTIONS Toney Williams, CDFM, CFE ASMC PDI 2011 Minneapolis, MN Phone #: (901) PRIMARY REFERENCE: ASMC Website (http://www.asmconline.org) &http://www.asmconline.org The Enhanced Defense Financial Management Training Course (EDFMTC) Textbook, rev Oct 2009


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