CFA Calculators Allowed Policy Checker
Is Your Calculator Approved for the CFA® Exam?
The CFA Institute enforces a strict policy on which calculator models are permitted during the exam. Use this tool to instantly verify if your model is on the approved list of CFA calculators allowed.
What are the CFA Calculators Allowed?
The term “CFA calculators allowed” refers to the specific, limited list of calculator models that the CFA Institute authorizes for use during the Chartered Financial Analyst (CFA) exams. Unlike many other academic or professional exams, you cannot bring just any financial calculator. The policy is designed to ensure fairness and integrity by standardizing the tools available to all candidates, preventing the use of devices with text-storage, graphing, or communication capabilities.
This policy is crucial for every CFA candidate to understand. Arriving on exam day with a non-approved calculator will result in being unable to use it, which is a significant disadvantage. The core of the policy is that only two specific types of calculators are permitted: the Texas Instruments BA II Plus (including its Professional version) and the Hewlett Packard 12C (and its various editions). Mastering one of these approved models is a key part of preparing for the exam. Many consider the CFA exam calculator policy to be as important as any study topic.
Common Misconceptions
A common misconception is that any “financial calculator” is acceptable. Many candidates purchase advanced financial or scientific calculators only to discover they are prohibited. The CFA calculators allowed policy is not about the category of the device, but the exact model. Another mistake is assuming that proctors will provide an approved calculator; they do not. You must bring your own.
Official CFA Calculator Policy Explained
There isn’t a mathematical formula for the policy, but rather a set of strict criteria a calculator must meet. The CFA Institute has simplified this by pre-approving only two model families. The fundamental rule is: if it’s not a Texas Instruments BA II Plus or an Hewlett Packard 12C, it’s not allowed. This strictness about which CFA calculators allowed ensures no candidate has an unfair advantage.
The policy explicitly forbids calculators with features like graphing, printing, or any form of wireless communication. The focus is on core financial calculation functions, which is why a deep understanding of your chosen device, like the TI BA II Plus for CFA exams, is critical.
| Criterion | Requirement | Rationale |
|---|---|---|
| Approved Models | TI BA II Plus family or HP 12C family | Ensures all candidates use tools with the same core capabilities. |
| Functionality | No graphing, programming, or text storage | Prevents storage of notes or formulas, maintaining exam integrity. |
| Communication | No Wi-Fi, Bluetooth, or any wireless tech | Prohibits any form of external communication during the exam. |
| Power | Battery-operated only | Prevents the need for power outlets and standardizes device power. |
Practical Examples of the Policy in Action
Example 1: The Prepared Candidate
Anna is preparing for her Level I exam. She researches the CFA calculators allowed and purchases a Texas Instruments BA II Plus Professional. She spends several weeks practicing time value of money, NPV, and IRR calculations, following a DCF valuation guide to model cash flows. On exam day, the proctor inspects her calculator, confirms it’s an approved model, and she proceeds with the exam confidently.
Input: TI BA II Plus Professional. Output: APPROVED.
Example 2: The Unprepared Candidate
Ben used a powerful TI-84 graphing calculator throughout university for his finance courses. Assuming it would be fine, he brings it to the CFA exam center. During the pre-exam inspection, the proctor identifies it as a non-compliant graphing calculator. Ben is informed he cannot use it. He is forced to take the exam without a calculator, severely impacting his ability to complete calculations for topics like bond valuation and portfolio statistics, which are often discussed in financial modeling courses.
Input: Texas Instruments TI-84. Output: NOT APPROVED.
How to Use This CFA Calculators Allowed Checker
- Select Your Model: Use the dropdown menu to find and select the model name of your calculator.
- View the Result: The tool will instantly display a large, clear “APPROVED” or “NOT APPROVED” status.
- Read the Details: Below the main result, a detailed explanation provides context on why your calculator is or is not compliant with the official policy.
- Reset or Copy: Use the “Reset” button to clear the selection or “Copy Results” to save the verdict for your records. This helps when discussing CFA exam requirements with peers.
Key Factors in the CFA Calculator Policy
Understanding the nuances of the CFA calculators allowed policy can prevent exam-day surprises. Several factors determine compliance.
- Exact Model Name: This is the most critical factor. The policy is based on model names, not brands or features. “TI BA II Plus” is approved; “TI-30X” is not.
- Graphing Capabilities: Any calculator with a screen capable of plotting graphs is strictly forbidden. This is a primary reason many university calculators are not allowed.
- Programmability & Text Storage: If a calculator allows users to store custom programs or notes, it is banned. The best calculator for the CFA exam is one that complies fully.
- Communication Technology: Any device with Wi-Fi, infrared, or Bluetooth is prohibited to prevent cheating.
- Physical Tampering: Calculators must be in their original state. Any modifications could lead to disqualification.
- Power Source: Only battery-powered calculators are permitted. Devices requiring an external power source are not allowed. Understanding these factors is more important than even advanced concepts like the Black-Scholes model on exam day, as without a calculator, you can’t solve the problems.
Frequently Asked Questions (FAQ)
1. Can I bring two calculators to the exam?
Yes, you are allowed to bring a backup calculator, and it is highly recommended. Both calculators must be on the approved list of CFA calculators allowed.
2. What happens if my calculator’s battery dies during the exam?
Proctors will not provide batteries. You are responsible for your own equipment. You may bring spare batteries and a small screwdriver. This is a key reason to bring a backup calculator.
3. Is the TI BA II Plus Professional version allowed?
Yes, the Texas Instruments BA II Plus Professional is explicitly on the approved list and is a popular choice among candidates.
4. Why is the HP 12C, which uses RPN, still an approved model?
The HP 12C is a long-standing industry standard in finance, particularly in banking. Despite its Reverse Polish Notation (RPN) entry system, it meets all policy criteria and has been grandfathered in as an essential tool for many professionals. It’s considered a valid type of CFA financial calculator.
5. Can I use a calculator app on my phone or tablet?
No. All mobile phones, tablets, and smart devices are strictly prohibited from use during the exam.
6. 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 that its memory has been cleared. It is good practice to do this yourself before entering the test center.
7. Is there a difference in functionality between the TI and HP models?
Yes. The TI BA II Plus uses an “Algebraic Operating System” (AOS), which is intuitive for most people (e.g., you type 2 + 2 =). The HP 12C primarily uses RPN (e.g., you type 2 ENTER 2 +). Both can perform all necessary calculations for the exam, but their operation is very different.
8. Where can I find the official CFA calculators allowed policy?
The definitive source is the CFA Institute’s official website. You should always check the latest version of the CFA exam calculator policy before your exam date as policies can be updated.