CFA Calculators Allowed Checker
As an expert in financial exams, I know how critical it is to have the right tools. The CFA Institute has a strict policy on calculators. This tool helps you instantly verify if your model is one of the **cfa calculators allowed** on exam day. Don’t risk your results; check your calculator now!
Policy Explanation
The CFA Institute authorizes only two calculator models for use during exams to ensure fairness and prevent the use of devices with unauthorized features. The policy strictly permits the **Texas Instruments BA II Plus** (including the Professional version) and the **Hewlett Packard 12C** (including its Platinum and other special editions). Any other model is prohibited.
Approved Calculator Feature Comparison
Visual comparison of key features for the two main approved calculator models. Chart updates based on selection.
What Are CFA Calculators Allowed?
The term **cfa calculators allowed** refers to the specific, limited list of calculator models that the CFA Institute permits candidates to use during their exams. This policy is a cornerstone of the exam’s integrity, designed to create a level playing field for all candidates globally. By standardizing the tools, the Institute ensures that no candidate has an unfair advantage through access to programmable features, text storage, or wireless communication capabilities that more advanced calculators might offer. Understanding and adhering to this list is not just a recommendation; it is a mandatory requirement for sitting the exam.
Who Should Care About This Policy?
Anyone registered for a CFA Program exam (Level I, II, or III) must be intimately familiar with the list of **cfa calculators allowed**. This includes first-time candidates who are just beginning their study journey and seasoned candidates retaking an exam. Forgetting your calculator, bringing a non-approved model, or having a calculator malfunction without a backup can lead to immediate disqualification or, at best, a significant handicap that could easily lead to failure. The responsibility for compliance rests solely with the candidate.
Common Misconceptions
A frequent misconception is that any financial calculator is acceptable. Many candidates assume that a calculator from a reputable brand with “Financial” in its name will be fine, but this is incorrect. For example, popular models like the TI-84 Plus or the HP 17BII+, while powerful, are strictly forbidden. Another common error is assuming that a calculator app on a smartphone or tablet is a valid alternative; all such devices are banned from the testing room. The policy is explicit: only the two approved physical calculator models are permitted.
CFA Calculators Allowed Policy and Mathematical Explanation
There isn’t a mathematical “formula” for the calculator policy itself. Rather, the policy is a set of rules dictating which computational tools are permitted to solve the complex mathematical formulas presented in the CFA curriculum. The logic behind the policy is to allow calculators that are powerful enough for financial analysis (e.g., calculating NPV, IRR, bond yields) but do not offer capabilities that could compromise exam security, such as text storage or programming beyond simple keystroke macros.
The choice of the **Texas Instruments BA II Plus** and **Hewlett Packard 12C** is based on their long-standing use in the financial industry and their feature set, which is considered the standard for time-value-of-money and cash flow analysis.
Approved Models Table
| Manufacturer | Model Name | Allowed Variations | Typical Entry Mode |
|---|---|---|---|
| Texas Instruments | BA II Plus | Standard, Professional | Algebraic (AOS) |
| Hewlett Packard | 12C | Standard, Platinum, 25th & 30th Anniversary, Prestige | Reverse Polish Notation (RPN) / Algebraic (Platinum) |
A summary of the only two calculator models and their variations approved by the CFA Institute.
Practical Examples (Real-World Use Cases)
Example 1: The Prepared Candidate
A candidate, Sarah, is preparing for her Level I exam. Early in her studies, she researches the **cfa calculators allowed** policy and purchases a Texas Instruments BA II Plus Professional. She uses this specific calculator for all her practice problems, quizzes, and mock exams. On exam day, she brings the calculator, a spare set of batteries, and a small screwdriver. The proctor inspects her calculator, confirms it’s an approved model, and she proceeds with her exam, confident and familiar with her tool. Her preparation prevents any last-minute stress or policy violations.
Example 2: The Unprepared Candidate
John arrives at the test center for his Level II exam with his trusty HP Prime graphing calculator, which he used throughout university. During the pre-exam inspection, the proctor identifies the calculator as an unauthorized model. John is informed that he cannot take the calculator into the exam room. Since the test center does not provide loaner calculators, he is faced with two choices: take the highly quantitative exam without a calculator or forfeit his exam fee and registration. This scenario highlights the critical importance of verifying your model against the list of **cfa calculators allowed** well before exam day.
How to Use This CFA Calculators Allowed Checker
Using this calculator is a simple but crucial step in your exam preparation. Follow these steps to ensure you are compliant with the CFA Institute’s policy.
- Locate Your Calculator Model: Find the model name and number printed on the front of your calculator. It is usually above the screen (e.g., “BA II Plus Professional”).
- Select from the Dropdown: Click the dropdown menu on this page and find your model in the list. The list is organized by manufacturer (Texas Instruments, Hewlett Packard, etc.).
- Review the Result: Once you select your model, the tool will instantly display the result. It will show a green “Allowed” status for approved models or a red “Not Allowed” status for any other model.
- Read the Explanation: The results section also provides a brief explanation of why the calculator is or is not allowed, based directly on the official list of **cfa calculators allowed**.
By using this tool, you can avoid the severe consequences of bringing a non-compliant calculator to the exam. For more study tips, check out our CFA Level 1 Study Guide.
Key Factors That Affect Your Choice of CFA Calculator
While only two models are on the list of **cfa calculators allowed**, their variations present a choice. Here are key factors to consider when deciding between the TI BA II Plus and the HP 12C.
- Entry Method (Algebraic vs. RPN): This is the biggest difference. The TI BA II Plus uses the Algebraic Operating System (AOS), which is how most students learn math (e.g., 2 + 3 = 5). The HP 12C traditionally uses Reverse Polish Notation (RPN), which involves entering the numbers first and then the operator (e.g., 2 [ENTER] 3 [+] ). RPN is faster for complex, multi-step calculations once mastered, but has a steeper learning curve. The HP 12C Platinum offers both modes.
- Keystroke & Functionality: While both perform the necessary functions like TVM, NPV, and IRR, the keystroke sequences differ. The BA II Plus Professional has extra functions like Net Future Value (NFV) and Modified Duration, which can be helpful. Many candidates find the BA II Plus more intuitive for its worksheet-based functions (e.g., for cash flows or bond calculations).
- Price and Availability: The Texas Instruments BA II Plus is generally less expensive and more widely available than the HP 12C. This makes it a popular choice for candidates on a budget.
- Build Quality and Feel: The standard BA II Plus is made of plastic and can feel less durable. The BA II Plus Professional and the HP 12C family have a more solid build quality. Some users prefer the tactile feedback of the HP 12C’s keys.
- Battery Replacement: On the standard BA II Plus, replacing the battery requires a small screwdriver. The Professional model and the HP 12C have easier-to-access battery compartments. This is a small but important consideration for your CFA exam day checklist.
- Learning Resources: Because a vast majority of candidates use the TI BA II Plus, most third-party prep providers base their calculator instruction videos and materials on it. This can make the learning process smoother.
Frequently Asked Questions (FAQ)
1. Can I bring two calculators to the CFA exam?
Yes, you are allowed to bring a second calculator into the exam, but it must also be an approved model from the list of **cfa calculators allowed**. Many candidates bring a backup (either the same model or the other approved one) in case of battery failure or malfunction.
2. What happens if my calculator runs out of battery during the exam?
You are responsible for your calculator’s functionality. Proctors will not provide replacement batteries. You are allowed to bring loose batteries and a small screwdriver to replace them yourself, or you can switch to your approved backup calculator.
3. Are calculator instruction manuals allowed in the testing room?
No, instruction manuals are strictly prohibited. However, you are allowed to have the small keystroke card that sometimes comes with the calculator. You must be proficient enough with your device not to need the manual.
4. Do I need to clear my calculator’s memory before the exam?
Yes, proctors will inspect your calculator and may ask you to demonstrate that you have cleared the memory before the exam begins to ensure no notes or formulas are stored.
5. Is the TI BA II Plus Professional better than the standard version?
The Professional version has a more solid build, a few extra functions (like discounted payback period), and an easier battery change. While not strictly necessary, many candidates find the upgrade worth the small additional cost, making it a popular choice among the **cfa calculators allowed**.
6. I am used to RPN. Should I use the HP 12C?
If you are already proficient and comfortable with Reverse Polish Notation, the HP 12C is an excellent choice and may offer a speed advantage. If you are not, it is generally recommended to stick with the TI BA II Plus to avoid the steep learning curve of RPN during your intensive CFA study period.
7. Why aren’t graphing calculators on the list of cfa calculators allowed?
Graphing calculators, like the TI-84, have advanced programming capabilities, text and image storage, and sometimes even communication features. These functionalities pose a significant threat to exam security, which is why they are banned.
8. Where can I learn more about using these calculators for finance?
Many online resources and prep providers offer tutorials. For broader knowledge, consider exploring our financial modeling courses, which often cover calculator skills in depth.