Cfa Authorized Calculators

Check Your Calculator’s Eligibility

Select your calculator model from the list below to instantly verify if it is permitted for use on the CFA® exam.

Model Details:

Authorized Calculator Feature Comparison

What is a CFA Authorized Calculator?

A CFA authorized calculator is a specific model of financial calculator that the CFA Institute has approved for use during its rigorous series of exams. The Institute maintains a strict policy to ensure fairness and prevent any candidate from having an unfair technological advantage. This means that out of the hundreds of calculator models available on the market, only two specific types are allowed in the testing room: the Texas Instruments BA II Plus and the Hewlett Packard 12C, including their professional and platinum variations.

Anyone preparing to sit for the Level I, II, or III CFA exam must own and be proficient with one of these approved models. Using a non-authorized calculator, even if it has similar functions, will result in the device being confiscated and may lead to the voiding of your exam results. Therefore, understanding what constitutes a CFA authorized calculator is a critical first step in exam preparation.

Common Misconceptions

A common mistake candidates make is assuming any financial calculator will suffice. Calculators with graphing capabilities, programmability, or internet access are strictly forbidden. The policy focuses on specific models known for their core financial functions without providing an unfair edge. Another misconception is that the “Professional” or “Platinum” versions are required; the standard versions of both the TI BA II Plus and HP 12C are fully compliant and sufficient for all levels of the exam.

CFA Institute Calculator Policy Explained

The “formula” for a calculator being accepted is not a mathematical one, but a rule-based policy set by the CFA Institute. The policy is designed to uphold the integrity and fairness of the exam for all candidates globally. The core principle is standardization. By limiting the choice to two families of calculators, the Institute ensures every candidate has access to the same computational tools. The policy explicitly lists the approved models.

Variables of the Policy

The decision policy can be broken down into a few key “variables” or criteria:

Variable	Meaning	Status	Typical Approved Models
Calculator Type	Must be a dedicated financial calculator.	Mandatory	Financial
Programmability	Must not allow for custom programs or text storage.	Prohibited	N/A
Graphing Capability	Must not be able to plot graphs.	Prohibited	N/A
Specific Models	Must be one of the explicitly named models.	Mandatory	TI BA II Plus, HP 12C
Permitted Variations	Certain upgraded versions are also allowed.	Permitted	BA II Plus Pro, HP 12C Platinum

Practical Examples (Real-World Use Cases)

Example 1: A Candidate with a Prohibited Calculator

Scenario: A candidate named Alex has been using a TI-83 Plus graphing calculator throughout university. Assuming it’s a powerful tool, Alex plans to bring it to the CFA Level I exam.

Action: Alex uses this CFA Authorized Calculator Checker before the exam.

Result: The tool shows “NOT AUTHORIZED”. The explanation states that graphing calculators are strictly prohibited. This alerts Alex to the need to purchase an approved model like the TI BA II Plus and spend the remaining weeks practicing with it to be ready for exam day.

Example 2: Choosing Between the Two Approved Models

Scenario: A candidate named Priya is new to financial calculators and needs to buy one for her CFA prep.

Action: Priya selects both the “Texas Instruments BA II Plus” and the “Hewlett Packard 12C” in the checker to see the details.

Result: She sees that the TI model uses an ‘Algebraic’ input method, which is more intuitive for beginners, while the HP model uses ‘RPN’, which is faster for experienced users. She also consults the comparison chart and table on this page. Based on the easier learning curve, she decides to purchase the CFA authorized calculator TI BA II Plus Professional.

How to Use This CFA Authorized Calculator Checker

Using this tool is a simple but crucial step in your exam preparation. Follow these steps to ensure you are compliant with the CFA Institute’s rules.

1. Select Your Model: Click on the dropdown menu and find your calculator’s model name. We have included the most common authorized and non-authorized models for clarity.
2. View Instant Result: As soon as you make a selection, the result will appear below. A green box means “AUTHORIZED”, while a red box means “NOT AUTHORIZED”.
3. Review Details: The box below the main result provides key details about the selected model, such as its input style (Algebraic vs. RPN) and why it is or isn’t allowed.
4. Consult Comparison Chart: The dynamic chart below the tool visualizes how the main authorized models compare on factors like ease of use and functionality, helping you choose if you haven’t bought one yet.
5. Reset: Click the “Reset” button to clear the selection and start over.

Key Factors That Affect CFA Calculator Policy

The CFA Institute’s choice of authorized calculators is not arbitrary. Several key factors influence the strict policy to maintain the exam’s integrity.

• Fairness and Equity: The primary goal is to ensure no candidate has an unfair advantage. Limiting the models creates a level playing field where success depends on knowledge, not on the power of one’s calculator.
• Exam Security: Advanced calculators can store notes, formulas, or even run custom programs. Prohibiting these devices is a crucial measure to prevent cheating.
• Focus on Concepts: The exam is designed to test financial analysis skills, not a candidate’s ability to program a calculator. The allowed models have sufficient power for required calculations (like TVM, NPV, IRR) without automating the underlying concepts.
• Industry Longevity and Reliability: The TI BA II Plus and HP 12C have been staples of the financial industry for decades. They are well-documented, reliable, and their functions are well understood by finance professionals.
• Prevention of Disturbance: Calculators with printing functions or audible key-presses could be distracting in a silent exam hall. The authorized models are non-disruptive.
• Standardization for Grading and Prep: Having a standard set of tools allows prep providers (like Kaplan Schweser) to create consistent instructional material, and it helps the Institute design questions with a clear understanding of the computational steps a candidate will take.

Frequently Asked Questions (FAQ)

1. Can I bring two calculators to the CFA exam?

Yes, you are allowed to bring a backup calculator, but it must also be an approved CFA authorized calculator model. Bringing a backup is highly recommended in case of battery failure or malfunction.

2. What is the difference between the TI BA II Plus and the Professional version?

The Professional version has a sturdier build quality, a slightly better keypad, and a few extra worksheet functions like Net Future Value (NFV) and Modified IRR (MIRR). However, the standard version is sufficient for the exam.

3. Is the HP 12C better than the TI BA II Plus?

Neither is objectively “better”; it depends on personal preference. The HP 12C uses Reverse Polish Notation (RPN), which is faster for complex calculations once mastered but has a steeper learning curve. The TI BA II Plus uses a standard algebraic input method that is more intuitive for most people. Many prep materials use the TI BA II Plus for examples.

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

Yes, proctors will likely inspect your calculator and may ask you to show them that the memory has been cleared. It’s best practice to reset your device before entering the test center to avoid any issues.

5. Can I use a calculator app on my phone or tablet?

No. Mobile phones, tablets, smartwatches, and any other electronic communication devices are strictly prohibited in the exam room.

6. What happens if I bring a non-authorized calculator?

Your calculator will be confiscated by the exam proctors. You will have to take the exam without a calculator, and in some cases, your exam results could be voided for violating the policy.

7. Are calculator instruction manuals or keystroke cards allowed?

Keystroke cards are generally permitted, but instruction manuals are not. You are expected to know how to use your CFA authorized calculator without a guide.

8. Where can I buy a CFA authorized calculator?

Both the TI BA II Plus and HP 12C models are widely available online from retailers like Amazon, as well as from the manufacturers’ websites and office supply stores.