CFA calculator policy, don’t you already know? As a CFA applicant, you must be aware that it is one of the most important things you should know before exam day.
Preparing for the CFA exam is not just about concepts. It is also about speed and accuracy in solving financial problems. A CFA calculator helps candidates manage time with ease while writing their exams. The Institute has a strict policy, so knowing the right calculator for CFA exam is important.
In this blog, let us explore the CFA calculator policy, approved models, why it is essential, and tips to use your calculator effectively.
CFA Calculator Policy: An Overview
The Institute follows a strict CFA calculator policy for all exam levels. Candidates are not allowed to use any scientific or programmable calculators. Only two models are approved for the exam. These are the
- Texas Instruments BA II Plus
- Hewlett-Packard 12C
This policy applies to all levels, CFA Level 1, Level 2, and Level 3. It ensures fairness for all candidates worldwide. Everyone uses the same financial tools with the same functions. It also removes the risk of using devices that can store formulas or notes.
The CFA candidates must carry their own calculators to the exam as per the CFA calculator policy. You are not even allowed to borrow or share inside the examination hall. Spare calculators are not provided by the CFA Institute. So, get ready with all your stuff beforehand to ensure you sit in the exams. Otherwise, if you forget to bring yours, you cannot borrow from others.
Another important part of the CFA calculator policy is its batteries. The CFA Institute does not provide replacement batteries as well during the exam. So, you must check your calculator for CFA exam and ensure they are working. Thankfully, you are allowed to carry a backup calculator if it is an approved model.
This overview shows how important the CFA calculator policy is. It sets clear rules. It ensures equal treatment and makes the exam more secure for all candidates.
Why Is a Calculator Essential for the CFA Exam?
The CFA exam tests both knowledge and speed. Many questions involve complex financial calculations. Solving these problems without a calculator would take a lot of time, and the chances of manual errors increase. That is why a financial calculator is not just helpful but essential for every candidate. So, here are the main reasons why calculators are so important in the CFA exam,
Time management
The exam has strict time limits. Questions on NPV, IRR, bonds, or depreciation can take many steps. A calculator reduces the steps and gives instant results. This saves time and allows candidates to focus on analysis.
Accuracy in calculations
Manual calculations increase the chance of mistakes. Under exam pressure, errors can happen easily. A financial calculator ensures accurate answers with less effort. The CFA calculator policy helps candidates avoid losing marks due to small errors.
Built-in financial functions
The approved calculators come with pre-programmed financial functions. These include time value of money, cash flow analysis, bond yields, and statistics. Using these functions makes the process faster and easier.
Consistency with real-world finance
The functions on these calculators are not only for exams. They are also used by professionals in investment, banking, and corporate finance. Learning them during CFA preparation builds skills for actual work in the finance industry.
Confidence during the exam
Knowing how to use a financial calculator reduces stress. Candidates feel more confident when they can handle tricky questions with ease. This confidence can make a big difference on exam day.
Therefore, the CFA calculator policy lets you use a calculator in the exam, not just for comfort. It is a necessity that supports speed, accuracy, and confidence. With the right calculator, candidates can focus more on concepts and less on lengthy manual steps.
The Official List Of CFA-Approved Calculators
You are only allowed to take two types of calculators for the exam as per the CFA calculator policy. No other model or brand is permitted inside the exam hall. This rule applies across all three levels of the CFA program. The CFA calculator policy only allows two devices as follows:
Texas Instruments BA II Plus
This Texas Instruments BA II Plus calculator includes both the standard and the professional editions. The model is popular among candidates because it is easy to use. It comes with financial functions like NPV, IRR, TVM, and bond calculations. The buttons are simple to understand, and the layout is friendly for beginners. Many candidates choose this calculator because it is affordable and efficient.
Hewlett-Packard 12C
This includes the standard HP 12C, HP 12C Platinum, HP 12C 25th Anniversary, and HP 12C 30th Anniversary editions. It is a classic financial calculator used by professionals for decades. It uses Reverse Polish Notation (RPN), which makes input faster for trained users. The build quality is strong, and the calculator for CFA exam lasts for years. However, it takes time to learn for new users to learn.
No other calculator is accepted as per the CFA calculator policy, even if it has the same functions. Mobile apps, scientific calculators, and other programmable devices are not allowed. So, it is cautionary advised to candidates not to bring any other model. Candidates bringing the wrong calculator model will not be permitted to use it during the exam.
The CFA calculator policy ensures fairness and security. Every candidate uses the same tools with the same limits. This keeps the exam uniform and prevents misuse of technology.
TI BA II Plus vs. HP 12C
Both devices are approved under the CFA calculator policy for the exam. They perform the same functions but differ in design, style, and ease of use. Here is a clear comparison:
TI BA II Plus vs. HP 12C | ||
|---|---|---|
| Feature | TI BA II Plus | HP 12C |
| Ease of Use | Beginner-friendly with a simple button layout. Functions are easy to learn. | Uses Reverse Polish Notation (RPN). Faster for experts but confusing for beginners. |
| Functions | Covers TVM, NPV, IRR, bonds, depreciation, and statistics. | Offers the same core functions plus advanced statistical tools. |
| Cost | More affordable and widely available worldwide. | More expensive and harder to find in some regions. |
| Durability | Reliable but may wear with heavy use. | Extremely durable with long battery life. Known to last decades. |
| Exam Preference | Chosen by most CFA candidates for simplicity and speed. | Preferred by finance professionals who already use RPN. |
Both models are efficient for CFA exams. The TI BA II Plus is the popular choice for beginners. The HP 12C is a strong option for professionals who value durability and are comfortable with RPN.
What Accessories Are Approved for the CFA Exam Calculators?
The CFA calculator policy allows only a few accessories with calculators. These accessories help candidates manage their calculator for CFA exam while writing. Anything beyond the approved list is not allowed inside the exam hall. These approved accessories are as follows,
Spare batteries
Candidates can bring extra batteries for their calculators. They must replace them on their own if needed. Exam staff will not provide any replacements.
Backup calculator
A second calculator is allowed if it is one of the approved models. Many candidates carry a spare to avoid issues during the exam.
Calculator covers
Protective covers or cases that come with the calculator are permitted for the exam under the CFA calculator policy. They help prevent damage, but must not hold any papers or notes.
Calculator keystroke cards
Some calculators are sold with a small, quick-reference card. These cards are allowed as long as they are official and unmodified.
Some things not allowed under the CFA calculator policy include,
- Calculator manuals or instruction booklets
- Loose papers, sticky notes, or handwritten guides
- Mobile apps, tablets, or smart devices used as calculators
The CFA Institute is strict about these rules. Candidates should check their calculator for CFA exam and accessories before exam day. Carrying the wrong item can lead to trouble at the test centre.
Top CFA Calculator Tips & Tricks You Must Know Before Exam Day
A CFA calculator is useful only when you know how to use it well. Many candidates lose marks because they are not familiar with the keys. Learning tips and tricks before the exam can save time and reduce stress. Here are some of the important tips and tricks:
Learn the basic functions early
Start using your calculator from the first day of CFA preparation. Practice TVM, NPV, IRR, bond pricing, and depreciation regularly. This builds speed and confidence.
Reset before the exam
Clear old settings and data before starting the test. Both approved calculators have reset functions. This avoids confusion and ensures default settings are active.
Use cash flow functions
Many CFA questions involve multiple cash flows. Learn how to enter them step by step. This makes IRR and NPV problems much faster.
Practice bond calculations
Bonds are common in CFA exams. Use the built-in bond price and yield functions. Know how to adjust for different compounding periods.
Get comfortable with statistics
The calculators can compute mean, standard deviation, and regression. Practice these functions to avoid manual calculations.
Carry a spare battery or calculator
Never risk your exam by depending on one device. Carry a backup approved calculator or at least an extra battery.
Do timed practice
Use your calculator while solving mock exams under timed conditions. This prepares you for the real exam setting.
These tips may look small, but they make a huge difference. A calculator can save minutes in every section. Over the full exam, those minutes add up to a better score.
Conclusion
The CFA calculator is more than a tool. It is a requirement for every candidate. The CFA Institute allows only two models, the TI BA II Plus and the HP 12C. Both calculators are powerful and meet all exam needs. The choice depends on comfort, cost, and practice.
Learning how to use the calculator is as important as learning the concepts. Regular practice with the calculator for CFA exam builds speed, accuracy, and confidence. Carrying the right accessories also ensures a smooth exam day. With proper preparation, your calculator becomes your strongest support during the CFA exam.
FAQ’s
You can only use two calculators, the Texas Instruments BA II Plus and Hewlett-Packard 12C, issued by the institute. Yes, definitely, only finance calculators are helpful. Otherwise, what is the fun of using standard calculators for the CFA Level 1 exam? Yes, the HP 12c is still used. Otherwise, how would professionals use it if not available in the market? It is popular as it is officially issued to be used for CFA exams, and it is durable, trusted by finance professionals for decades. Also, its RPN system makes calculations fast once mastered. Yes, the BA II Plus has all the functions needed for CFA exams. Most of the candidates prefer it for its simplicity and affordability.
What calculator is required for CFA?
Do I need a financial calculator for the CFA Level 1 exam?
Is the HP 12c still used?
Why is the HP 12c so popular?
Is BA II Plus enough for CFA?
