-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Nlw1jKz3KlDHscuF7DhzsZIhw37tBtJ30VSey4C17k+wD65i76IU7hm4b0EE++Wk
 dHPzEURI63oUUxiiET8bEw==

<SEC-DOCUMENT>0001179110-04-022442.txt : 20041203
<SEC-HEADER>0001179110-04-022442.hdr.sgml : 20041203
<ACCEPTANCE-DATETIME>20041203114535
ACCESSION NUMBER:		0001179110-04-022442
CONFORMED SUBMISSION TYPE:	5
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20041127
FILED AS OF DATE:		20041203
DATE AS OF CHANGE:		20041203

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHARLES RIVER ASSOCIATES INC
		CENTRAL INDEX KEY:			0001053706
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-LEGAL SERVICES [8111]
		IRS NUMBER:				042372210
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		200 CLARENDON STREET
		STREET 2:		T-33
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02116
		BUSINESS PHONE:		6174253000

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			FISHER FRANKLIN M
		CENTRAL INDEX KEY:			0001242500

	FILING VALUES:
		FORM TYPE:		5
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24049
		FILM NUMBER:		041182509

	BUSINESS ADDRESS:	
		STREET 1:		CHARLES RIVER ASSOCIATES
		STREET 2:		200 CLARENDON STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02116
		BUSINESS PHONE:		6174253001
</SEC-HEADER>
<DOCUMENT>
<TYPE>5
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 5 -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>5</documentType>

    <periodOfReport>2004-11-27</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <form3HoldingsReported>0</form3HoldingsReported>

    <form4TransactionsReported>0</form4TransactionsReported>

    <issuer>
        <issuerCik>0001053706</issuerCik>
        <issuerName>CHARLES RIVER ASSOCIATES INC</issuerName>
        <issuerTradingSymbol>CRAI</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001242500</rptOwnerCik>
            <rptOwnerName>FISHER FRANKLIN M</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>CHARLES RIVER ASSOCIATES INCORPORATED</rptOwnerStreet1>
            <rptOwnerStreet2>200 CLARENDON STREET</rptOwnerStreet2>
            <rptOwnerCity>BOSTON</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>02116</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2004-10-06</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>5</transactionFormType>
                <transactionCode>G</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>7000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>38.515</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>182080</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes></footnotes>

    <ownerSignature>
        <signatureName>Delia J. Makhlouta, by power of attorney</signatureName>
        <signatureDate>2004-12-03</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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