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:                             $375

SURFA Membership dues:            $100

Total Payment:                               $475

(payments can be made online with registration, with the option to request an invoice for payment by check to be made payable to SURFA). 

Registration opens mid-September of each year and the registration deadline for the 2024 CRRA examination is February 15, 2024. The examination will be given during the afternoon of Wednesday, April 10, 2024, at the Omni Richmond Hotel in Richmond, Virginia in connection with the 2024 SURFA Financial Forum. Study materials will be provided to candidates. In addition to online registration information, candidates will be sent forms to obtain two confidential references. Additional questions or inquiries may be directed to Rusty Maddox at the email address or phone number below.


[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 through March 20, 2024.  There are no refunds after March 20, 2024.  A candidate who withdraws from the program before the refund deadline date 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 the year the exam is taken. 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).