Certified Budget Specialist

CBS : Certified Budget Specialist

CBS is administered by AAIFM (The American Association for Investment and Financial Management); one of the most renowned associations for financial management and investment in the United States. By earning CBS candidates demonstrate that they have mastered the budget management body of knowledge, obtained the skills of budget management, and committed to AAIFM core values and code of ethics. Earning your CBS designation not only broadens your skill set, it demonstrates a standardized level of industry knowledge, making you a recognized leader in budget management.

CBS Certification Preparation

If you are studying in order to prepare for the CBS exam; AAIFM provides candidates with training sessions for many of the exam questions. AAIFM also provide thorough training for the exam modules using its learning system through authorized training providers and prometric centers worldwide.

AAIFM CBS Recertification

Once you have passed the CBS exam and received your certification, you will need to stay up to date on developments in budget management practices. To prove you have maintained and updated your budget management knowledge and skills, AAIFM requires that you recertify every 4 years. (please refer to recertification for more info)


  • A passing score on the CBS Examination.
  • Bachelor Degree in any field OR;
  • A minimum of two years experience in any related budget area (budget management, performance management, finance, accounting, investment…).
  • A Minimum of 25 hours of budgeting management approved training.

Exam Format:

The CBS (Certified Budget Manager) examination is a 2.5-hour exam, 80 multiple-choice questions examinations. The exam is given in booklet form.

Exam Outline:

Section A – Planning Budgeting and Forecasting

  1. Planning and Budgeting Concepts
  2. Budget Methodologies
  3. Other types of Budgets
  4. Forecasting Techniques
  5. Learning Curves
  6. Probability
  7. Risk, Uncertainty and Expected Value
  8. Sensitivity Analysis
  9. Top-level Planning and Analysis

Section B – Performance Management

  1. Introduction to Variance Analysis and Standard Costs
  2. Variance Analysis Concepts
  3. Manufacturing Input Variances
  4. Sales Variances
  5. Market Variances
  6. Variances Analysis for Service Company
  7. Responsibility Centers and Reporting Segments
  8. Performance Measures


Please e-mail us at info@aaifm.org for any other inquiries. For international candidates; please contact our authorized representatives in your region.

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