CPFO - Treasury and Investment Management Outline

Governments have a myriad of responsibilities related to treasury operations. The exam will cover best practices in investing, and treasury operations.

Treasury and Investement Management Outline





  • Program, Policies and Procedures
  • Investment Products
  • Investment Portfolio Strategies
  • Risk Management
  • Benchmarking and Reporting


Treasury Operations

Payables (15%)

  • Policies and Procedures
  • Types of Payables
  • Payables Processing

Receivables (15%)

  • Policies and Procedures
  • Types of Receivables
  • Receivables Processing
  • Reconciliation and Reporting

Banking and Merchant Services (10%)

  • Banking Services
  • Merchant Services
  • Selection Process

Fraud Prevention (10%)

  • Internal
  • External

Cash Flow Forecasting (10%)


Resource Recommendations

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

GFOA Best Practices

Best Practice

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

Research Reports and Publications

Available Training

GFOA offers the following training seminars that will help prepare for the planning and budget exam:

  • Treasury Management Best Practices – Overview Training
  • Essential Tools for Effective Payables Policies and Procedures in the Treasury Office
  • Cash Flow Forecasting
  • Best Practices and Strategies for Public Investing
  • Overview of Receivables Function

View GFOA's Events Calendar

Additional Web Resources


As the exam development process progresses for the seven new CPFO exams, some materials may be added to this reading list. Please check back regularly for updates to this document until the new exams are launched.

Please contact Eric Roach or email GFOA with questions.

Last updated June 1, 2021