CFA Approved Calculators Guide
CFA Approved Calculator Checker
The CFA Institute has a strict policy on which calculators are permitted during the exam. Use our tool to instantly verify if your model is one of the official cfa approved calculators to avoid any issues on exam day.
This check is based on the official CFA Institute calculator policy, which authorizes only two specific model types.
Compliance Details
Select a calculator model to see details.
What are CFA Approved Calculators?
CFA approved calculators are the only calculator models that the CFA Institute permits candidates to use during its exams. This policy is in place to ensure fairness and uniformity among all candidates, preventing any individual from having an unfair advantage through a more powerful or programmable device. The core idea is to test a candidate’s understanding of financial concepts, not their ability to operate a mini-computer. The current policy authorizes only two types of calculators: the Texas Instruments BA II Plus (including the Professional version) and the Hewlett Packard 12C (including its Platinum and other special editions).
A common misconception is that any financial calculator will suffice. However, using a non-approved model, such as a graphing calculator or a model with text-storing capabilities, will result in the confiscation of the device and potentially the voiding of your exam results. Therefore, ensuring you have one of the specific cfa approved calculators is a critical step in your exam preparation.
CFA Calculator Policy Explained
The “formula” for a calculator being approved is not mathematical but policy-based. The CFA Institute’s primary rule is that a calculator must not have any programmable or alphabetic text-entry functions. This restriction prevents candidates from storing notes, formulas, or pre-programmed solutions. The two approved models, the TI BA II Plus and HP 12C, are powerful enough for all the required exam calculations but simple enough to not offer cheating capabilities.
| Criterion | Meaning | Permitted Models |
|---|---|---|
| No Programming Capability | The device cannot store or run custom programs or formulas. | TI BA II Plus, HP 12C |
| No Wireless Communication | The device cannot have Wi-Fi, Bluetooth, or any other communication feature. | TI BA II Plus, HP 12C |
| No Graphing Functions | The calculator cannot have a screen capable of plotting graphs. | TI BA II Plus, HP 12C |
| Specific Functionality | Must be capable of core financial calculations (TVM, NPV, IRR). | TI BA II Plus, HP 12C |
Approved Calculator Feature Comparison
The choice between the two main cfa approved calculators often comes down to personal preference for input style and specific features. The chart below visualizes a general comparison of the two leading models.
Practical Examples: Choosing Your Calculator
Example 1: Candidate Prefers Standard Input (Algebraic)
A candidate who is new to finance and used to standard calculators (like those on a smartphone) would likely prefer the Texas Instruments BA II Plus. Its Algebraic Operating System (AOS) means you enter equations as you would write them (e.g., 2 + 3 * 4). This is intuitive and has a lower learning curve. For a time value of money problem, they would use the dedicated keys (N, I/Y, PV, PMT, FV) in a straightforward manner, making it a reliable choice among cfa approved calculators.
Example 2: Candidate Values Keystroke Efficiency
A finance professional who needs to perform complex, multi-step calculations quickly might choose the Hewlett Packard 12C. This calculator uses Reverse Polish Notation (RPN), which minimizes the number of keystrokes by eliminating the need for parentheses. For example, to calculate (3+5)*2, the RPN input is `3 ENTER 5 + 2 *`. While it takes time to learn, RPN users often find it much faster and more efficient in the long run. Many seasoned professionals swear by this model of CFA approved calculators.
How to Use This CFA Approved Calculator Checker
- Select Your Model: Find your calculator model in the dropdown list above. The list includes both approved and common non-approved models for comparison.
- View the Result: The tool will instantly display “APPROVED” in a green box or “NOT APPROVED” in a red box.
- Read the Details: The “Compliance Details” box provides a brief explanation for the result, confirming why your choice is or is not one of the official cfa approved calculators.
- Copy Results: Use the “Copy Results” button to save the outcome for your records. Bringing a backup calculator is a wise strategy. Learn more about exam day rules.
Key Factors That Affect Your Choice
Choosing between the two types of cfa approved calculators is a significant decision. Here are key factors to consider:
- Input Style (AOS vs. RPN): This is the most critical factor. The TI BA II Plus uses AOS (algebraic), which is intuitive. The HP 12C uses RPN, which is faster once mastered but has a steep learning curve.
- Learning Curve: The BA II Plus is far easier to learn and use out of the box. Most third-party prep materials use it for their examples.
- Keystroke Efficiency: For complex, multi-step problems, RPN on the HP 12C requires fewer keystrokes than AOS, which can save valuable seconds during the exam.
- Build Quality and Feel: The HP 12C is often cited for its superior build quality and professional feel. The TI BA II Plus Professional is a step up from the standard version and has a better keypad.
- Price: Typically, the TI BA II Plus is more affordable than the HP 12C models, making it a popular choice for candidates on a budget.
- Function Access: Both calculators have dedicated keys and worksheet functions for TVM, NPV, and IRR. Some users find the worksheet-based approach of the BA II Plus more guided and less error-prone.
- Battery Replacement: A minor but important point. The HP 12C battery is typically easier to replace than the TI BA II Plus, which requires a small screwdriver. You should always bring spare batteries to the exam.
Frequently Asked Questions (FAQ)
1. Can I bring two calculators to the CFA exam?
Yes, you are allowed to bring a second calculator as a backup. However, both calculators must be approved models (either TI BA II Plus or HP 12C).
2. What happens if my calculator’s battery dies during the exam?
The test center staff will not provide assistance or replacement batteries. If you don’t have a backup calculator or spare batteries, you will have to continue the exam without one. This makes bringing a backup one of the most important tips for using cfa approved calculators.
3. Is the TI BA II Plus Professional an approved model?
Yes. The CFA Institute policy explicitly includes the “BA II Plus Professional” as an approved model alongside the standard BA II Plus.
4. Are the HP 12C Platinum and other editions allowed?
Yes. The policy covers the HP 12C, HP 12C Platinum, 12C Platinum 25th anniversary edition, 12C 30th anniversary edition, and HP 12C Prestige.
5. Why isn’t my advanced graphing calculator allowed?
Graphing calculators (like the TI-84) have programming, text storage, and graphing capabilities that are forbidden by the CFA calculator policy to ensure fairness and prevent cheating.
6. Do I need to clear my calculator’s memory before the exam?
Yes, it is highly recommended to clear your calculator’s memory before entering the exam room to ensure there are no stored values or settings that could cause issues. Proctors may inspect your calculator.
7. Which of the cfa approved calculators is better?
Neither is objectively “better”; it depends entirely on your preference. The TI BA II Plus is easier to learn, while the HP 12C is more efficient for experienced RPN users. It’s best to try both if possible. You can find many tutorials on how to use the TI BA II Plus.
8. Can I bring the calculator’s instruction manual?
No, instruction manuals are not permitted in the testing room. However, you are allowed to have the calculator’s cover and small keystroke cards.