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Aboriginal Financial Management Standards

As the professional organization in Canada responsible for certification in this discipline, AFOA is setting high standards for aboriginal financial management.

There are three sets of standards that AFOA has developed to support the profession of Aboriginal financial management and the certification of Certified Aboriginal Financial Managers. They are:

  1. Competency Standards
  2. Standards of Ethical Conduct
  3. Certification Standards

1) Competency Standards

AFOA's Competency Standards form the basis for the development of the curriculum used in granting credits towards the Aboriginal Financial Manager Program (AFM) certificate, diploma, and the professional designation. They are also used in assessment of practical experience and in the development of the professional CAFM Examination.

The CAFM competencies were originally developed in 1999 as basis of the AFM curriculum. Seven years later, the role of the Aboriginal financial manager had expanded, the working environment had changed and new skills and knowledge were required of Aboriginal financial managers. Accordingly, in 2006 the CAFM competencies underwent a comprehensive review in conjunction with the AFM curriculum to ensure that these issues and challenges were addressed.

A Curriculum Review Committee was formed comprising key stakeholders and professionals in Aboriginal financial management. The Committee's recommended the adoption of revised CAFM Competency Standards that respond to the demands of the current Aboriginal financial management environment and meet professional standards like that of the Certified General Accountants Association (CGA) of Canada.

These competencies are essential for a professional in Aboriginal financial management. They have general application and apply to all types of Aboriginal organizations. Competencies have been grouped into the following core domains of knowledge and skills:

Technical Knowledge
  • T1. Financial Accounting & Reporting
  • T2. Management and Performance Measurement
  • T3. Finance and Financial Planning
  • T4. Management Information Systems
  • T5. Taxation
General Management
  • G1. Planning
  • G2. Human Resource Management
  • G3. Allocating and Managing Resources
  • G4. Communicating
  • G5. Aboriginal History and Culture
Leadership
  • L1. Organizational and Strategic Leadership
  • L2. Team Leadership and Development
  • L3. Staff Coaching and Training
Professionalism
  • P1. Ethics and Trust
  • P2. Integrative Approach
  • P3. Problem Solving
  • P4. Professional Development
  • P5. Professional Self Evaluation
The Competencies are used:
  • as a base for the development of curriculum for the Aboriginal Financial Management
  • to prepare candidates for the Certified Aboriginal Financial Manager Professional examination
  • to identify and measure practical work experience requirements
  • to develop continuing professional development services
  • to conduct self-assessments to identify areas requiring professional development
  • in recruitment and selection
  • in performance management and evaluation

For a complete description of these competencies, see Competency Standards at left.

2) Standards of Ethical Conduct

Ethical professionals must be governed by two basic concepts: competency and integrity.

To comply with these imperatives, AFOA has developed a set of Standards of Ethical Conduct for Certified Aboriginal Financial Managers (CAFMs). They serve to enhance confidence in the integrity and service of CAFMs. All CAFMs and all members of AFOA are required to comply with the Standards of Ethical Conduct. Failure to comply may be cause for termination of membership in AFOA Canada. For a complete description of these Standards, see Standards of Ethical Conduct at left.

3) Certification Standards

AFOA's Certification standards govern the certification of Aboriginal Financial Managers by AFOA. They specify the requirements for admission to Certified Aboriginal Financial Manager status, including the education and practical experience required, and any special arrangements that may apply in those situations where applicants may bring with them another professional designation or sufficient experience to warrant exclusion from some educational and/or experience requirements. For a complete description of the certification standards, see Certification Standards at left.