When governments determine their capital needs, issuing debt is a vehicle used to fund these projects.  Governments have various standards that must be met to issue debt in the municipal bond market. Understanding how this market works as well as the debt issuance and management process are key to having a successful program.  The exam will cover best practices in capital planning, debt management policies and procedures, financing instruments, bond sale mechanics, disclosure responsibilities.  General market topics are also included in the exam. 

GFOA recommends that CPFO candidate review the following materials to prepare for the exam.

GFOA best practices are developed by GFOA's Committee on Debt Management and represent the organization's recommended practices in common areas related to debt.

• View Debt Best Practices
• View Advisories on Debt Management

Research Reports

• Debt 101:  Issuing Bonds and Your Continuing Obligations
• IRS:  Complying with Arbitrage Requirements (2019)
• Better Rating Agency Relations Are Just a Few Steps Away, GFR, August 2020
• A Deeper Understanding of Debt Management, GFR, October 2018
• To P3 or Not to P3, GFR, August 2018
• Mapping Capital Infrastructure:  How Infrastructure Investment Decisions are Made, GFR, April 2018

Publications

• Primer:  Understanding Financing Options Used for Public Infrastructure
• EOG:  Debt Issuance

GFOA offers the following training seminars that will help prepare for the debt management exam:

• Debt Management Best Practices – Overview Training
• Overview of Bond Issuance
• Debt Issuance for Small Governments
• Disclosure Update
• Market and Credit Rating Overview

View GFOA's Events Calendar

Please contact Eric Roach or email GFOA with questions.

Last updated January 18, 2022