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 being 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: $400 plus SURFA Membership dues $125 Total Payment $525 Online registration for the 2027 CRRA exam (click: CRRA Application) will open in October 2026, closing at a date to be determined in February 2027. 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 exam will be given during the afternoon (12 noon - 5:00PM) at the University of Florida - Conference Center Gainesville on the afternoon of April 7, 2027. Additional CRRA inquiries may be directed to Edward Kaufman, CRRA: [email protected] (919) 371-9948. Refund policy for $400 registration fee: Candidates withdrawing from the program may receive a $200 refund (half) only upon written request via email to Edward Kaufman, through March 31, 2027. There are no refunds for requests March 31, 2027. However, any candidate who withdraws before the refund deadline may elect to forego the refund and take the exam in a subsequent year, provided the candidate pays for any increase in the registration fee and the cost of any new study materials. The refund policy applicable in the year the exam is taken will apply. Additional conditions may apply. A candidate who does not pass the exam is not entitled to a refund but may take the exam again, subject to the payment of the then applicable registration fee and the cost 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. The Guide is also available through SURFA to the general public for $60 including shipping and handling (plus 5.3% sales tax for Virginia registrants).
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