Q&A With MBA’s Gail Griffith-Roch Breaking Down Changes to the CRI Designation Process

The Chartered Realty Investor designation is undergoing some changes, including a rewrite of the Level II Exam. To understand what changes are being made–and why–MBA NewsLink sat down with Gail Griffith-Roch, MBA’s Associate Vice President of Commercial/Multifamily Education Content.

MBA NewsLink: What is the Chartered Realty Investor designation?

Gail Griffith-Roch: The CRI designation, created 25 years ago by senior industry professionals, was established to distinguish CRI designees as leaders in the commercial/multifamily industry, signifying commitment to professional excellence and ethical conduct. The CRI designation is the only designation that brings together all aspects of the commercial/multifamily real estate finance, investment and advisory industries. The Charter holder is a fiduciary participant in commercial/multifamily real estate decision making.

To earn the CRI designation, all interested professionals must apply and be accepted as candidates. Accepted candidates must successfully complete the Level I exam (Associate designation) and the Level II exam (Charter designation).

MBA NewsLink: What is the relationship between the Mortgage Bankers Association and the CRI Society?

Gail Griffith-Roch: The MBA and the CRI Society have worked together on the designation for 25 years. Twelve years ago, the MBA acquired the exams and now maintains and administers the exams and all study materials and practice tests on behalf of the CRI Society. The MBA also oversees the candidate application process.

Once a candidate successfully completes the exams to earn the Associate and Charter designations, they become members of the CRI Society. The CRI Society oversees all designation related activities. The designation certifies competency in commercial/multifamily real estate investing, analysis and valuation, underwriting, property tax and due diligence, real estate law, capital markets and securitization and asset management.

MBA NewsLink: What changes have been made to the designation in 2024?

Gail Griffith-Roch: During 2024, 22 senior professionals representing all aspects of the commercial/multifamily real estate industry formed the CRI Level II Exam Rewrite Team to review and rewrite the Level II exam. The project included a comprehensive review of all questions and subsequent updates to ensure candidates are being tested on the current and most important aspects of the industry. The Level II exam will be released for candidate testing in January 2025 and will be published using a new software, providing an updated look and feel. Other changes in 2024 included republishing the CRI Level I exam using the same updated software and converting the application process to an automated online system. Study materials for both the Level I and Level II exam have also been updated as appropriate.

MBA NewsLink: What are the subject matters and key concepts candidates must be proficient in for success with the exams?

Gail Griffith-Roch: The CRI Level I exam focuses on core concepts of commercial/multifamily real estate at the property level, including commercial real estate transactions, property issues, tax and accounting, law, real estate analysis and valuation and underwriting concepts. However, the CRI Level II exam expects a candidate to demonstrate the commitment to ethics-based competency and focus on the concepts related to commercial real estate portfolio management and capital markets. Other topics include commercial/multifamily instruments, asset management at the property and portfolio level, and the overall management of the various asset classes.

MBA NewsLink: What credentials does the CRI candidate need?

Gail Griffith-Roch: Qualified candidates should have a minimum of two years’ experience for the Associate (Level I) and seven years’ experience for the Charter (Level II). Anyone working in commercial/multifamily real estate could qualify, including lenders, mortgage bankers and analysts, commercial/multifamily real estate agents and leasing brokers, developers, property managers, commercial/multifamily real estate consultants, appraisers, portfolio managers and attorneys. The exams are comprehensive, so work experience in addition to educational training and industry participation is the key to success.

MBA NewsLink: What is the cost of the designation and the time commitment, and what study materials are provided?

Gail Griffith-Roch: Candidates must first apply and be accepted as an Associate candidate. Once the candidate has successfully completed the Level I exam and earned the Associate designation, the candidate becomes eligible to apply for Charter candidacy. The application fee and enrollment fee for each level are $100 and $1,150, respectively. Accepted candidates, for each level, have one year from the date of enrollment to study and take the exam. The study materials include study guides, supplemental references and practice tests. Both exams are timed 4 hours, are multiple choice (200 questions for the Level I and 100 questions for the Level II) and are taken online in a proctored setting. Exam scoring is automatic and is available immediately upon submission of the exam. Companies who subscribe to MBA’s Education Advantage are granted unlimited waived application and enrollment fees for a given year. This is a great option for companies who are interested in sending several employees through the program.

MBA NewsLink: What does membership in the CRI Society mean?

Gail Griffith-Roch: Membership in the CRI Society distinguishes each member as a leader in commercial/multifamily real estate. The Society provides the opportunity to be part of a forward-thinking initiative providing public confidence within the commercial/multifamily industry. Employers can use the designation as a cost-effective training and performance measure for employees. Professionals are identified as competent, confident and skilled to work in the industry. The CRI Charter designation serves as a foundation in a commercial/multifamily career.