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.


SURFA's 56th Financial Forum


April 24 - 25, 2025

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, gas 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.
Full attendance at the Forum qualifies attendees to earn twenty credits toward Continuing Education Credits. Although no advanced preparation for the Forum 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:
  • TBD;
  • TBD;
  • TBD; and,
  • TBD.

In addition, SURFA plans to offer a Cost of Capital Training Workshop prior to the 55th Financial Forum on Tues., April 22th & Wed., April 23th.

SURFA 2024 Brochure.pdf
SURFA 2024 Agenda.pdf  
2024 Financial Forum Registration
Cost of Capital Training Workshop
55th (2024) Forum Presentations

SURFA Certification (CRRA)

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. To qualify for registration for the CRRA exam, candidates must possess an undergraduate degree and have at least three years full-time or five years part-time experience in rate of return analysis.

Registration fee: $375

SURFA Membership dues $100

Total Payment $475

Online registration for the 2025 CRRA exam (click: CRRA Application) is not yet open, closing on TBD. The exam will be given at the Embassy Suites by Hilton on the afternoon of April 23, 2025, in Charlotte, NC.  Candidates will need to provide contact information for two professional colleagues, preferably one in a supervisory capacity. These colleagues will be contacted to provide confidential written references for the candidate.  Included as part of the registration fee, CRRA candidates will receive a copy of The Cost of Capital – A Practitioner’s Guide (2020 Edition) to serve as their study material. Subject to change, the examination is scheduled to be given during the afternoon of the Wednesday prior to the 2025 SURFA Financial Forum.

Additional CRRA inquiries may be directed to Farris (Rusty) Maddox at the following email address or phone number:

[email protected]
(804) 371-9296 

Refund policy for $375 registration fee:

Candidates who withdraw from the program may receive a $187.50 refund (half) only upon written request to Rusty Maddox ([email protected]) through TBD. There are no refunds for requests after TBD A candidate who withdraws from the program before the refund deadline may elect to forego the $187.50 refund and take the exam in another year, 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 the year the exam is taken 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, 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 (2020 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).