SURFA CRRA Certification

The Certified Rate of Return Analyst (CRRA) program was established in 1990 as an educational service of SURFA. The program is designed to help practitioners develop knowledge and expertise in rate of return analysis, recognize candidates' proficiency in the field, and promote a deeper understanding of the regulatory rate of return process.

The curriculum emphasizes the mechanics of rate of return analysis and is intentionally unbiased, presenting concepts and methodologies without favoring any single approach or technique.

The CRRA designation is available exclusively to SURFA members. Membership is required to obtain and maintain the designation.

To be eligible to register for the CRRA examination, candidates must possess:
  • An undergraduate degree; and
  • At least three years of full-time, or five years of part-time, experience in rate of return analysis.
CRRA Examination Fee: $400
SURFA Annual Membership: $125
Total Cost: $525
Active SURFA members in good standing are not required to pay the annual membership fee again.

Registration for the 2027 CRRA Examination is expected to open in October 2026 and remain open until a date to be determined in February 2027.

Applicants will be asked to provide contact information for two professional references, preferably including one supervisor. References will be contacted to submit confidential written evaluations on the candidate's behalf.

The registration fee includes a copy of The Cost of Capital – A Practitioner's Guide (2020 Edition), which serves as the primary study resource for the examination.

Subject to change, the 2027 CRRA examination will be administered on the afternoon of April 7, 2027, from 12:00 p.m. to 5:00 p.m. at the University of Florida Conference Center in Gainesville, Florida.

Refund Policy

Candidates who withdraw from the program may receive a $200 refund (50% of the examination fee) if a written request is submitted via email to the CRRA Program Chair on or before March 31, 2027.

Refund requests received after March 31, 2027 are not eligible for a refund.

Candidates who withdraw before the refund deadline may elect to defer their examination to a future year instead of receiving a refund. Deferred candidates are responsible for paying any increase in examination fees and the cost of updated study materials. The refund policy in effect during the year the examination is ultimately taken will apply. Additional conditions may apply.

Candidates who do not pass the examination are not eligible for a refund but may retake the examination by paying the applicable examination fee and the cost of any required updated study materials.

Study Materials

All CRRA candidates receive a copy of The Cost of Capital – A Practitioner's Guide (2020 Edition) as part of their registration.

The Guide is also available for purchase by the general public for $60, which includes shipping and handling, plus 5.3% Virginia sales tax for Virginia purchasers.

Questions?

Questions regarding the CRRA program may be directed to:

Edward Kaufman, CRRA
[email protected]
(919) 371-9948