Acquisition Workforce Improvement Act of 2011

Acquisition Workforce Improvement Act of 2011 - Amends the Office of Federal Procurement Policy Act to direct the Administrator of the Office of Federal Procurement Policy (OFPP) to establish a government-wide acquisition management fellows program for the purpose of investing in the long-term improvement and sustained excellence of the federal acquisition workforce.

Lists as the program's objectives to: (1) develop a new generation of acquisition leaders with government-wide perspective, skills, and experience; (2) recruit individuals with the outstanding academic merit, ethical value, business acumen, and leadership skills to meet the government's acquisition needs; and (3) offer opportunities for advancement, competitive compensation, and leadership opportunities. Requires the program to consist of one academic year of full-time, on-campus training followed by two years of on-the-job and part-time training toward a Masters or equivalent graduate degree in related fields.

Requires persons selected for the program to commit to employment with the government in the field of acquisition following program completion. Requires executive agencies to give priority to program graduates for purposes of hiring employees in the acquisition field.

Establishes in the Treasury the OFPP Acquisition Fellows Development Fund to be used for the establishment and operations of the program.

Requires the Administrator to establish a leadership development training program for federal employees to produce high performing individuals in the core acquisition disciplines of contracting, program management, and cost estimating.