CFA Approved Calculator Checker
Instantly verify if your calculator model is permitted for the CFA® exam.
Enter the full model name as written on your calculator.
Checker Summary
Your Input: –
Detected Model Family: –
Official Status: –
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What is a CFA Approved Calculator?
A “CFA approved calculator” is not a type of calculator that performs special “CFA” functions. Instead, it refers to a very specific and limited list of calculator models that the CFA Institute permits candidates to use during the official exams. The policy is incredibly strict to ensure fairness and prevent any candidate from having an unfair advantage through programmable or advanced calculator features.
Possession or use of an unauthorized calculator model during the exam will lead to the voiding of your results. Proctors inspect all calculators before the exam begins. Therefore, verifying that your model is on the approved list is a critical step in your CFA exam preparation.
Official CFA Calculator Policy Rules
The CFA Institute’s policy is straightforward. Only two families of calculators are authorized for use during exams. Any model not on this list is strictly forbidden.
| Brand | Approved Models | Key Characteristics |
|---|---|---|
| Texas Instruments | BA II Plus BA II Plus Professional |
Uses standard algebraic input (like most school calculators). Generally more intuitive for new users and less expensive. |
| Hewlett Packard | 12C 12C Platinum 12C Platinum 25th Anniversary Edition 12C 30th Anniversary Edition 12C Prestige |
Uses Reverse Polish Notation (RPN), which is faster for complex calculations but requires a learning curve. Often preferred by seasoned finance professionals. |
Accessories like calculator covers, keystroke cards, and loose spare batteries are permitted in the testing room. However, instruction manuals are not allowed.
Practical Examples
Example 1: The Student with a Scientific Calculator
- Input: “Texas Instruments TI-84 Plus”
- Logic: The checker’s logic identifies “TI” but does not find the required “BA II Plus” identifier.
- Result: NOT APPROVED. While it’s a Texas Instruments calculator, the TI-84 is a graphing calculator with programmable features, which is strictly forbidden.
Example 2: The Finance Professional
- Input: “HP 12C Platinum”
- Logic: The checker identifies “hp12c” and “platinum” in the input string.
- Result: APPROVED. This model is explicitly listed on the CFA Institute’s approved calculator list.
How to Use This CFA Approved Calculator Checker
- Enter the Model Name: Look at your calculator and type the full model name into the input field above. Be as specific as possible (e.g., include “Professional” or “Platinum”).
- Click “Check Status”: Press the button to run the check.
- Review the Result: The tool will immediately display a clear “APPROVED” or “NOT APPROVED” status based on the official CFA Institute policy.
- Interpret the Summary: The summary section provides more context, showing your original input and the model family it was categorized under for the check.
Key Factors That Affect Your Calculator Choice
Choosing between the two approved families of calculators—the Texas Instruments BA II Plus and the Hewlett Packard 12C—is a significant decision in your exam preparation. Here are the key factors to consider:
- Operating System (Algebraic vs. RPN): The TI BA II Plus uses an algebraic system, where you enter equations as you write them (e.g., 2 + 3 =). The HP 12C uses Reverse Polish Notation (RPN), where you input numbers first, then the operation (e.g., 2 Enter 3 +). RPN is faster for multi-step calculations but is not intuitive for beginners.
- Learning Curve: The TI BA II Plus is far easier to learn and use out of the box. Most third-party CFA prep materials use the TI for their examples, making it easier to follow along. The HP 12C requires a dedicated effort to learn RPN.
- Keystroke Efficiency: For complex calculations like NPV and IRR, the HP 12C often requires fewer keystrokes than the BA II Plus, saving valuable seconds during the exam.
- Build Quality and Feel: The HP 12C is often considered to have a more professional, sturdy build with more responsive keys. The standard BA II Plus can feel “plasticky,” though the “Professional” version has an improved build.
- Cost: The Texas Instruments models are significantly cheaper than the Hewlett Packard models. The BA II Plus often costs around $30-$40, while the HP 12C can be $60 or more.
- Extra Functions: The BA II Plus Professional model includes functions like Net Future Value (NFV) and Modified Internal Rate of Return (MIRR) which can be useful, especially for Level II.
Frequently Asked Questions (FAQ)
1. Can I bring two calculators to the CFA exam?
Yes, you are allowed to bring a backup calculator, as long as it is also an approved model. Many candidates do this to safeguard against battery failure or malfunction.
2. Are calculator instruction manuals allowed?
No, instruction manuals are strictly prohibited in the testing room. You are expected to know how to use your calculator before the exam.
3. What happens if my calculator’s memory isn’t cleared?
Proctors will inspect your calculator and may ask you to demonstrate that the memory has been cleared before the exam begins. It’s a standard procedure.
4. Do I really need a financial calculator for the Level I exam?
Absolutely. The exam involves complex calculations for topics like quantitative methods, fixed income, and equity valuation. Attempting it without an approved calculator is nearly impossible.
5. Is the TI BA II Plus “Professional” version worth it?
Many candidates feel it is. It has a better build quality, more responsive keys, and a few extra functions (like NFV and MIRR) that can be time-savers. Given the low cost relative to exam fees, it’s often seen as a worthwhile investment.
6. Why is the HP 12C still popular if it’s harder to learn?
It’s popular among finance veterans due to its speed with RPN and durable build. For those who learned it early in their careers, it remains the most efficient tool. Some also see it as having a certain “prestige.”
7. What batteries do the approved calculators use?
The TI BA II Plus typically uses a single CR2032 battery. The HP 12C models may use different types, so it’s crucial to check your specific model. Bringing spare batteries is highly recommended.
8. Can I borrow a calculator at the test center?
No, the test centers do not provide calculators. You cannot borrow or share a calculator with another candidate during the exam. You must bring your own.