CRA History

In February 1965, three graduates from Harvard and MIT —Jerry Kraft, Alan Willens (featured at right, third from the left), and John Kaler—meet in Boston, Massachusetts to establish a new economics consulting firm called Charles River Associates (CRA). Emphasizing the application of academics to real-world issues, they begin to consult on economic problems for federal agencies and private corporations. Today, colleagues from leading universities around the world continue that work.

Image: (from left) Bill Burnett, Jim Burrows, Alan Willens, and Michael Klass

Dr. Franklin Fisher, an MIT professor and one of CRA’s first consultants, wins the prestigious John Bates Clark Medal for his contributions to economics in 1973. His expertise in the field promotes CRA as a national industry leader and he represents the firm as chief economic witness in two landmark anti-trust cases: U.S. v. IBM and U.S. v. Microsoft.

Image: MIT Department of Economics 

In 1987, CRA expands its operations and opens its second office in Washington, D.C. Bill Burnett, one of the office’s founding members, serves as its director of mergers and Dr. Steve Salop, a Georgetown University professor and former economist at the Federal Reserve Board, joins as a senior consultant. Their expertise contributes to the office’s immediate success.

Image: Library of Congress

CRA names Dr. Carl Kaysen as chairman of the board in 1992. He is the first person from outside the company to hold the position. Kaysen, an economics professor at Harvard and MIT, national security expert, and former advisor to President John F. Kennedy, first worked with CRA in the 1960s when he recommended the company’s services to President Johnson. His belief in CRA led the company to be hired on several important projects over the years.

Image: MIT

In 1998, CRA successfully transitions from a private firm to a publicly owned company. Shareholders are enthusiastic. CRA’s positive reception in the public market accelerates its ability to invest in talent and expand sophisticated, data-based solutions to its clients.

Dr. Carl Shapiro, future CRA consultant and economic advisor to President Barack Obama, publishes Information Rules: A Strategic Guide to the Network Economy. The book becomes a staple for economic students and teachers alike.

CRA has always been led by academics and industry leaders. This tradition continues in 2004 when Dr. Nancy Rose, an MIT professor of economics and editor of several economic journals, joins CRA’s board of directors. Over the next 10 years, she helps steer the company toward future financial and corporate success.

Image: Allegra Boverman / MIT

In 2007, Dr. Laurent Flochel joins CRA after serving on the French prime minister’s Council of Economic Analysis. His experience in the European markets and court systems is invaluable to CRA’s international growth.

Award-winning economist Dr. Kevin M. Murphy joins CRA as a consultant in the Chicago office in 2013. A professor at the University of Chicago Booth School of Business, Murphy won the John Bates Clark Medal in 1997 and the MacArthur Fellowship in 2005. He is the second member of the CRA family to win the medal, earning him the distinction of one of the top economists in the country, and the first business school professor to ever win the fellowship.

Image: MacArthur Fellowship

CRA appoints Robert W. Holthausen, a renowned professor of accounting and finance at the Wharton School of the University of Pennsylvania, to its Board of Directors. Professor Holthausen’s extensive expertise in corporate governance, finance, and academic leadership, along with his co-authorship of Corporate Valuation: Theory, Evidence, and Practice with CRA consultant Mark Zmijewski, greatly benefit both CRA and its clients.

Image: The Wharton School

In 2020, CRA’s valued office culture is tested during the COVID-19 pandemic. Despite having “no playbook for a pandemic,” members of the firm adapt to remote work and their new four-legged coworkers, remaining both productive and profitable. As the pandemic dissipates, CRA colleagues welcome the opportunity to be together again at work, in trainings, and over team and office lunches.

CRA colleagues continue to be recognized for their expertise in various fields. In 2020, 12 CRA experts are named to IAM’s Patent 1000, the largest number of individuals from any single company that year. Forty employees and consultants are also recognized by Who’s Who Legal.

In 2021, CRA unveils its inaugural Sustainability Report, articulating the company’s dedication to employee empowerment, community advancement, environmental stewardship, and ESG advisory services. The report commemorates significant sustainability milestones, including achieving carbon neutrality, and emphasizes CRA’s initiatives to engage team members and support local communities.

Committed to increasing its community engagement and supporting access to higher education, CRA launches its All-Access Initiative in 2022. The program partners with external organizations to provide scholarships and internships to underserved or disadvantaged students interested in economics and consulting.