Low-Cost, Effective Training for Financial Managers

2. Coordinate efforts to provide low-cost, effective training for
financial management personnel.

The CFO Council should foster the design and coordination of an
extensive array of training options for financial management personnel
by May 1994. The Council should seek out low-cost and no- cost training
alternatives and reallocate existing training resources in a more
cost-effective manner. Agencies should track the training of their
personnel, both individually and in aggregate. This tracking should be
reported by agencies to the CFO Council beginning in May 1994 to
encourage a competition among the agencies and departments for a "best
trained staff" award or recognition. In order to improve the
qualifications of existing staff and to promote a "lifelong learning"
culture, NPR recommends the following possible training alternatives
that the CFO Council could adapt to fit agency and personnel needs:

--Job rotation or visitation (within various financial management
functions of a department, between program and financial functions, with
the private sector, or with state and local governments).

--Private sector or agency training programs that meet standards for
professional accreditation programs.

--Other forms of professional development, including continuing
education, participation in professional associations, sabbaticals, etc.

The CFO Council should establish a continuing professional education
(CPE) program for financial managers by October 1994. The program could
be developed in collaboration with organizations such as the American
Bankers Association, American Institute of Certified Public Accountants,
the Association of Government Accountants, and federal agencies offering
training programs. Such a program is being considered by the Joint
Financial Management Improvement Program. It could be similar to the
requirement that persons performing government audits obtain CPE
credits. OMB should issue a policy statement on continuing professional
education for employees in the field of financial management, and the
policy should be included in the OMB and agency Five-Year Financial
Management Plans. Supervisors should consider CPE and other training
when making promotion decisions.