The Society is a non-profit corporation, founded in 1977 by financial analysts representing a cross-section of the regulatory process.  These financial analysts representing government, the financial community, industry and academia founded the National Society of Rate of Return Analysts (NSRRA).  The Society’s First Financial Forum, held on October 21, 1977, addressed such issues as “Risk Evaluation and Measurement”, “Measuring and Rewarding Efficient” and “Approaches to Rate of Return Determination.”  The objectives of the new Society were outlined by John J. McGrath, the luncheon speaker, who stated:
“Rate of return analysis, as defined in the Society’s Constitution, is the “study of economic, financial and other pertinent facts and forecasts for the purpose of appraising risk and reflectively determining an appropriate level of profitability or rate of return on investment in regulated and non-regulated industries. The aim of the Society is to discuss and disseminate concepts and practices in the application of rate of return analysis, to promote the education and understanding of rate of return analysis, and to foster a high standard of ethics for members.”
In 1996, the name of the Society was changed to the Society of Utility and Regulatory Financial Analysts (SURFA). Despite the name change, more than thirty years later, SURFA is a highly-respected and widely-recognized organization whose objectives continue to remain the same.
To advance and foster the society’s objectives, SURFA presents an annual Financial Forum on a variety of topics related to rate of return analysis and sponsors the Certified Rate of Return Analyst (CCRA) Program.


!!!!CANCELED!!! Please click the pdf link for more information:

SURFA 2020 Financial Forum Cancellation.pdf

SURFA 52nd Financial Forum

April 23-24, 2020 Richmond VA

The Annual Financial Forum of the Society of Utility and Regulatory promotes better understanding of current cost of capital issues affecting the regulated utility industries — energy, water, and telecommunications. The program will be of interest to rate-of-return professionals and financial analysts as well as regulatory commissioners and staff, consumer advocates, attorneys, accountants, and consultants.
Financial Forum attendees may earn CPE credits. Although no advanced preparation is required, a background in corporate finance and a working knowledge of public utility ratemaking is a prerequisite for earning credits. The learning objectives for the program are as follows:
To identify key issues affecting the utility sector;
  • To understand how certain regulatory decisions impact utility credit ratings;
  • To compare and evaluate the cost of capital for utilities; and
  • To identify how industry and policy changes might impact the cost of capital
2020 Financial Forum Registration

SURFA 2020 Financial Forum Brochure
SURFA 2020 Forum Agenda


SURFA Certification (CRRA)

The Certified Rate of Return Analyst (CRRA) program was initiated in 1990 as an educational service of the Society. The purpose of the program is to aid practitioners in acquiring knowledge relevant to rate of return analysis, to recognize the candidate’s knowledge level and to enhance awareness of the regulatory rate of return process. The program focuses on understanding the mechanics of rate of return analysis and is intended to be unbiased in that no single technique or approach is favored. The CRRA is available only to SURFA members and membership is required to obtain and sustain the CRRA designation.

Registration fee: $350

SURFA Membership dues $100

Total Payment $ 450

(payments by check should be made payable to SURFA). 

Registration opens mid-September of each year and the registration deadline for the 2020 CRRA examination is February 14. 2020. The examination will be given during the afternoon of Wednesday, April 22, 2020 at the Omni Richmond Hotel in Richmond, Virginia in connection with the 2020 SURFA Financial Forum. Study materials will be provided to candidates. Until efforts are completed for an online registration option, forms required for CRRA registration, including SURFA membership and two confidential references, may be obtained by contacting Farris (Rusty) Maddox (see below).  The mailing address to submit any registration materials and payment by check is:


Attn: Farris Maddox
Virginia State Corporation Commission
Division of Utility Accounting and Finance

P.O. Box 1197
Richmond, VA 23218

Questions and inquiries may be directed to the email address or phone number below.

[email protected]
(804) 371-9296


Refund policy for $350 registration fee:

Candidates who withdraw from the program may receive a $175 refund (half) only upon written request through TBD. There are no refunds after TBD. A candidate who withdraws from the program before TBD may elect to forego the $175 refund and take the exam in 2021, provided the candidate pays for any increase in the registration fee and for the cost of any new study materials. In this event, the refund policy applicable in 2021 will apply. Additional conditions may apply. A candidate who takes the exam and does not pass is not entitled to a refund but may take the exam again in 2021, subject to the payment of applicable registration fees and the cost, if any, of new study materials. Additional conditions may apply.

CRRA candidates will be sent a copy of The Cost of Capital – A Practitioner’s Guide (10th Edition)  to serve as a study guide in preparation for the exam.   This publication is also available through SURFA to the general public for $60 including shipping and handling (plus 5.3% sales tax for Virginia registrants).

CRRA Application & Registration for the 2020 Exam is closed. Please check back in September 2020 for information about the 2021 Exam.