CFA® Exam Calculator Policy Checker

An interactive tool to determine if you can use your financial calculator on the CFA exam.

Is Your Calculator Approved?

What is the CFA Exam Calculator Policy?

The CFA Institute has a very strict policy regarding the tools candidates can bring into the exam room. When it comes to calculators, the question of “can you use a financial calculator on the CFA exam?” has a simple answer: yes, but only specific, pre-approved models. This policy ensures fairness and integrity by standardizing the computational tools available to all candidates, preventing anyone from gaining an unfair advantage through a more advanced, programmable, or graphing calculator. Passing the exam is nearly impossible without a calculator due to the complex calculations and time constraints, making compliance with this rule essential.

The “Formula” for an Approved CFA Calculator

Instead of a mathematical formula, the rule for determining if you can use your financial calculator on the CFA exam is a simple test of membership. The model must belong to one of two specific families. Think of it as a logical check:

Is `YourCalculatorModel` in `{Texas Instruments BA II Plus Family, Hewlett Packard 12C Family}`?

If the answer is yes, your calculator is permitted. If not, it is prohibited. The policy is straightforward with no exceptions.

Approved Calculator Models and Their Variants

Variable (Model Family)	Meaning	Approved Variants (Unitless)	Typical Range (Status)
Texas Instruments BA II Plus	The most popular choice among candidates.	Standard BA II Plus, BA II Plus Professional	Approved
Hewlett Packard 12C	A classic financial calculator known for RPN entry.	HP 12C, HP 12C Platinum, 25th/30th Anniversary Editions, HP 12C Prestige	Approved
All Other Models	Any calculator not listed above.	Graphing calculators, printing calculators, other brands/models.	Not Approved

Practical Examples of the Policy

Example 1: The Common Candidate

• Input: A candidate owns a Texas Instruments BA II Plus Professional.
• Unit: This is a specific model name (unitless).
• Result: APPROVED. The “Professional” version is an explicitly permitted variant of the BA II Plus.

Example 2: The University Student

• Input: A student is used to their powerful TI-84 Plus graphing calculator from their university courses.
• Unit: Model name (unitless).
• Result: NOT APPROVED. Graphing calculators of any kind are strictly forbidden as they can store text and formulas.

How to Use This CFA Calculator Policy Checker

Using this tool is a simple way to confirm if you can use your financial calculator on the CFA exam. Follow these steps:

1. Select Your Model: Click the dropdown menu under “Select Your Calculator Model”.
2. Find Your Calculator: Choose the option that best matches your device. The approved models are at the top. If your model isn’t listed specifically but is from another brand like Casio, or if it’s a graphing calculator, select the appropriate “not-approved” category.
3. Review the Result: The tool will instantly display whether the selected model is “Approved” or “Not Approved” based on the official CFA Institute policy. The result will also provide a brief explanation.
4. Reset if Needed: Click the “Reset” button to clear the selection and result to start over.

For more details on your next steps, consider a CFA exam prep course.

Key Factors and Rules That Affect Calculator Use

Beyond just the model, there are several critical rules you must follow on exam day:

• No Sharing: You are not allowed to share your calculator with another candidate under any circumstances.
• Bring a Backup: You are permitted to bring a second, approved calculator (and spare batteries) to the exam. This is highly recommended in case of a malfunction.
• Clear Memory: While not always checked by proctors, it’s a rule that your calculator’s memory must be cleared. You should know how to do this.
• No Manuals: Instruction manuals are not allowed in the testing room. However, calculator covers and keystroke cards are permitted.
• Calculator Inspection: Proctors will inspect your calculator. Having a non-approved model can lead to the confiscation of the device and potentially voiding your exam results.
• Silent Operation: The calculator must operate silently and not cause a disturbance.

Understanding the basics of portfolio management basics is key for the exam.

Frequently Asked Questions (FAQ)

1. Can I use the TI BA II Plus Professional version?

Yes, the CFA Institute explicitly states that the Texas Instruments BA II Plus, including the BA II Plus Professional, is an approved model.

2. What happens if I bring a non-approved calculator to the exam?

If proctors discover you have a non-approved calculator, it will be confiscated, and you may face penalties, including having your exam results voided.

3. Can I bring two calculators into the CFA exam?

Yes, you are allowed to bring more than one approved calculator. Many candidates bring a primary and a backup.

4. Do I need to clear my calculator’s memory?

Yes, the policy requires that you clear your calculator’s memory before the exam. You should practice this beforehand. For more on exam strategies, our investment banking salaries article might be useful.

5. Are calculator covers allowed?

Yes, you can bring the calculator’s cover or case into the exam room, along with loose batteries and keystroke cards.

6. Is the HP 12C Platinum version allowed?

Yes, the HP 12C and its various editions, including the Platinum, 25th anniversary, and 30th anniversary editions, are all approved.

7. Why can’t I use a graphing calculator?

Graphing calculators are prohibited because they have programming and/or data storage capabilities that could compromise the integrity of the exam. Our guide to understanding derivatives can help with complex topics.

8. Which approved calculator is better, the TI BA II Plus or the HP 12C?

This is a matter of personal preference. The TI BA II Plus is generally considered more intuitive and easier to learn for beginners. The HP 12C uses Reverse Polish Notation (RPN), which can be faster for complex calculations once mastered but has a steeper learning curve. It is best to choose one and practice with it extensively. Many future finance professionals also take financial modeling courses.