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Certified Financial Research Administrators (CFRA) Exam Information

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The Research Administrators Certification Council (RACC) offers three exams: Certified Research Administrator (CRA), Certified Pre-Award Research Administrator (CPRA) & Certified Financial Research Administrator (CFRA). This Reference Guide focuses on the CFRA only; interested parties can find information on all three exams at www.cra-cert.org.

Why take the CFRA Exam?

Passing the CFRA provides independent confirmation that you have a basic level of knowledge of financial research and sponsored programs administration. It gives personal and professional satisfaction, and the ability to demonstrate to yourself and others your commitment to the profession.

When and how can I take the CFRA exam?

There are two testing periods, one in March and another in September of every year. To take the exam, you must apply at the Research Administrator’s Certification Council’s CRA website www.cra-cert.org.

  • The exam fee is $395, which must be paid by the employee or the employee’s campus/department.
  • Bachelor's or advanced degree and three (3) years of professional experience in financial research administration or sponsored programs administration either in a sponsoring or recipient organization or the equivalent in a self-funded organization; OR
  • An Associate’s degree and five (5) years of professional experience in financial research administration or sponsored programs administration either in a sponsoring or recipient organization or the equivalent in a self-funded organization; OR
  • No degree and six (6) years of professional experience in financial research administration or sponsored programs administration either in a sponsoring or recipient organization or the equivalent in a self-funded organization. (this requires completion of a Petition of Waiver Application).

What is the CFRA exam like?

The exam consists of computerized multiple-choice questions. To learn more about the exam composition and length visit Exam Composition and Length (cra-cert.org)

The RACC Certification Examination for Financial Research Administrators will be weighted in approximately the following manner:

I. Governing Framework 25%

II. Project Costs 35%

III. Reporting 25%

IV. Fiscal Compliance 15% 

What are the CFRA exam requirements?

  1. Bachelor’s degree and three (3) years of professional experience in financial research or sponsored programs administration either in a sponsoring or recipient organization or the equivalent in a self-funded organization; OR
  2. Associate degree and five (5) years of professional experience in financial research or sponsored programs administration either in a sponsoring or recipient organization or the equivalent in a self-fund organization; OR
  3. No degree and six (6) years of professional experience in the research administration or sponsored programs administration either in a sponsoring or recipient organization or the equivalent in a self-funded organization.

*  If you do not have the required experience for your level of education, you may petition for a waiver to take the exam. To do so, access the examination Petition on RACC’s website HERE. 

Note: The CFRA designation is awarded for a period of three (3) years, at which time a CFRA must recertify for an additional three (3) years by one of two methods:

  1. Earning 42 contact hours of education credits during the preceding 3 years, 80% of which (34 credits) must be taken in topics related specifically to financial activities and submitting an online CFRA recertification application.
  2. Re-taking and passing the CFRA examination.

Before applying for the CFRA exam:

  • Review exam schedule and application deadlines
    • If the exam window is in March – Apply by February – Start studying in December
    • If the exam window is in September – Apply by August – Start studying in May
  • Review the Body of Knowledge from RACC
    • Create a personal study plan and schedule
      • Focus on your areas of concern within the Body of Knowledge
  • Join a study group
    • Baylor College of Medicine: Contact Betty Moseley-Fernandini, bmoseley@bcm.edu
  • Invite another member of the study group to study with you in an area of shared interest

After applying for the CFRA exam, you may consider requesting additional study resources from the central office. Please speak with the Learning & Development Manager for prior budget approval:

  • RACC periodically offers a one day Body of Knowledge review session*
  • RACC offers practice exams for purchase*
  • Check with campus colleagues to see if others are interested in forming a study group

*Check with your supervisor for available campus/department funds.