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.

Registration fee: $350
SURFA Membership dues $100
Total Payment $ 450
(check made payable to SURFA). 


The registration deadline for the 2019 CRRA examination is February 15, 2019. The examination will be given during the afternoon of Wednesday, April 3, 2019 at the Bourbon Orleans Hotel in New Orleans, Louisiana in connection with the 2019 SURFA Financial Forum. Study materials will be provided to candidates. Until efforts are completed for an online registration option, forms required may be obtained by contacting Farris Maddox.  The mailing address for the 2019 CRRA program registration is shown below. Please submit CRRA application and payment to this address.
CRRA/SURFA
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) 317-9296


Refund policy for $350 registration fee:

Candidates who withdraw from the program may receive a $175 refund (half) only upon written request through April 1, 2018. There are no refunds after April 1, 2018. A candidate who withdraws from the program before April 1, 2018 may elect to forego the $175 refund and take the exam in 2019, provided the candidate pays for any increase in the registration fee and for the cost of new study materials. In this event, the refund policy
applicable in 2019 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 2019, subject to the payment of applicable registration fees and the cost of new study materials. Additional conditions may apply.

Study materials to assist in preparing for the examination will be sent to registered candidates. The study program includes The Cost of Capital – A Practitioner’s Guide (10th Edition), available for purchase through SURFA for $40 including shipping and handling (plus 5.3% sales tax for Virginia registrants).

The CRRA is available only to SURFA members and membership is required for the CRRA designation. The fee to sit for the exam is $350 and membership in SURFA is required (additional fee). The registration deadline for the 2017 CRRA exam is February 15, 2017 and the exam will be given on Wednesday, April 19, 2017 in conjunction with the annual Financial Forum (registration required). Please see the registration form for details.