Know the five sections of the test. They are Internal Management and Control; Auditing; Performance Measurement and Reporting; Financial Management Analysis Techniques; and Financial and Managerial Concepts, Controls and Techniques as they apply to specific activities.
Be aware of the scoring breakdown. Internal Management and Control equals 25 percent; Auditing is 25 percent; Performance Measurement and Reporting is 15 percent; Financial Management Analysis Techniques is 5 percent; and Financial and Managerial Concepts, Controls and Techniques is 30 percent.
Understand what is in the Internal Management Control section. This includes the objectives, considerations, concepts, components and applications of Internal Controls. It also includes the evaluation and reporting process of Internal Controls.
Learn about Auditing. Know the different types of audits and their standards, phases, how they are coordinated, the responsibility of the auditor and the entity being audited and how to conduct an audit follow-up.
Study Performance and Measurement Reporting. Know their objectives, uses and components.
Don't overlook Financial Management Analysis Techniques. This section accounts for just 5 percent of your score but it should not be forgotten. Study concepts such as future and present value, regression analysis, cash flow and pay back.
Learn about Financial Management Analysis Techniques and Financial and Managerial Concepts, Controls and Techniques. Study the following management techniques: cash, credit, debt, procurement, inventory supply and investments. Also learn about single integrated financial management systems.