Cfa Permitted Calculators

Instantly verify if your financial calculator is allowed in the CFA® exam. The policy on CFA permitted calculators is strict, so check your model before exam day.

What are CFA Permitted Calculators?

CFA permitted calculators refer to a specific, limited list of financial calculator models that the CFA Institute authorizes for use during the official Chartered Financial Analyst (CFA) exams. The policy is extremely strict to ensure fairness and prevent any candidate from having an unfair advantage through programmable or advanced graphing devices. If a candidate brings a non-approved calculator to the test center, they will not be allowed to use it.

This policy is a critical piece of exam preparation. All candidates should use one of the approved CFA permitted calculators throughout their study process to build familiarity and speed. The two main families of calculators allowed are the Texas Instruments BA II Plus series and the Hewlett Packard 12C series.

Who Should Use This Policy?

Anyone registered for a CFA exam (Level I, II, or III) must adhere to this policy. It is not optional. Beyond candidates, finance students and professionals often choose one of the CFA permitted calculators as their go-to device due to their industry-standard functions and robust build quality. They are essential tools for concepts like Time Value of Money (TVM), Net Present Value (NPV), and Internal Rate of Return (IRR).

Common Misconceptions

A frequent misconception is that any financial calculator will be acceptable. Many candidates mistakenly believe that a calculator with similar functions to the approved models is fine, but this is incorrect. Models like the TI-84 Plus or other scientific calculators are strictly forbidden due to graphing or programmability features. Another point of confusion is about bringing accessories; while spare batteries, calculator covers, and a small screwdriver are allowed, instruction manuals are not.

CFA Institute Calculator Policy Rules

The “formula” for determining if a calculator is permitted is a simple check against an official list. The CFA Institute’s policy explicitly states only two models and their variations are authorized. Understanding the official CFA permitted calculators policy is non-negotiable for success.

The rule can be stated as: `Is CalculatorModel IN (TI BA II Plus Family, HP 12C Family)?`

Approved Model “Variables” Table

This table breaks down the approved models, which are the key “variables” in the policy.

Variable (Model Family)	Permitted Variations	Primary Input Logic	Typical User
Texas Instruments BA II Plus	Standard, Professional	Algebraic (AOS)	Students, new candidates (more intuitive)
Hewlett Packard 12C	Standard, Platinum, Anniversary Editions	Reverse Polish Notation (RPN) / Algebraic (Platinum)	Experienced finance professionals

Table comparing the two families of CFA permitted calculators.

Practical Examples (Real-World Use Cases)

Example 1: The Student with a Graphing Calculator

Scenario: Alex, a university student, has used a Texas Instruments TI-84 Plus for all their finance courses. They register for the CFA Level I exam and assume this powerful calculator is an asset.

Action: Alex uses the CFA Permitted Calculator Checker tool above and selects “Texas Instruments TI-84 Plus”.

Result: The tool immediately shows “NOT PERMITTED”. The explanation clarifies that graphing calculators are banned. Alex now knows they must purchase and learn one of the approved CFA permitted calculators, likely the TI BA II Plus for an easier transition, well ahead of their exam date.

Example 2: Choosing Between the Two Approved Models

Scenario: Brenda is a financial analyst starting her CFA journey. Her colleagues are split, with some using the HP 12C and others the TI BA II Plus. She is unsure which to invest in.

Action: Brenda uses the checker and researches the differences outlined in this article’s comparison table.

Result: She learns the TI BA II Plus is generally considered more intuitive and has a lower learning curve, while the HP 12C is praised for its efficiency via RPN once mastered. Given she’s new to dedicated financial calculators, she opts for the TI BA II Plus Professional to align with most study materials and get started quickly. This informed decision helps her focus her practice on a single device, which is a key strategy when preparing with CFA permitted calculators.

How to Use This CFA Permitted Calculator Checker

This tool is designed for speed and clarity. Follow these simple steps to ensure you comply with the CFA permitted calculators policy.

1. Select Your Model: Click the dropdown menu and find your calculator’s model name. We’ve included the two approved families and several popular, non-approved models.
2. View Instant Results: The moment you select a model, the result box will update. It will display a clear “PERMITTED” or “NOT PERMITTED” status.
3. Read the Details: Below the status, you’ll see a brief explanation for why the model is or is not allowed. For permitted models, key features and a comparison chart will appear.
4. Copy or Reset: Use the “Copy Results” button to save the information for your records. Use “Reset” to return the tool to its original state.

Key Factors That Affect Your Choice of Calculator

While the list of CFA permitted calculators is short, the choice between them can impact your study efficiency and exam-day performance. Here are six factors to consider.

1. Input System (AOS vs. RPN): The TI BA II Plus uses the Algebraic Operating System (AOS), which works like a standard calculator (e.g., `2 + 3 =`). The HP 12C primarily uses Reverse Polish Notation (RPN), where you input numbers first, then the operator (e.g., `2 ENTER 3 +`). RPN can be faster but requires a significant learning curve.
2. Cost and Availability: The TI BA II Plus models are generally more affordable and widely available than the HP 12C models. The cost difference can be significant, especially for students on a budget.
3. Existing Familiarity: If you’ve used an HP calculator with RPN before, sticking with the HP 12C makes sense. If you are new to financial calculators, the TI BA II Plus is almost always recommended for its intuitive nature.
4. Study Material Integration: Most third-party CFA prep providers (like Kaplan Schweser) design their tutorials and keystroke guides around the TI BA II Plus, as it’s the more popular choice among candidates. This can make your study process smoother.
5. Advanced Functions (Professional vs. Platinum): The ‘Professional’ version of the TI BA II Plus and the ‘Platinum’ version of the HP 12C offer extra worksheets and functions (e.g., MIRR, NFV, Payback Period) that are more relevant for Level II and III concepts.
6. Build Quality and Feel: The HP 12C series, particularly the Platinum edition, is often cited for its professional look and superior build quality. While the TI BA II Plus Professional has a solid build, some users prefer the classic feel and horizontal layout of the HP 12C.

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 room. However, both must be approved models from the official list of CFA permitted calculators. Many candidates bring a backup in case of a battery failure or malfunction.

2. Are calculator instruction manuals allowed?

No, instruction manuals, keystroke cards, or any loose papers are strictly prohibited in the testing room. You are expected to know how to use your calculator before the exam.

3. Which calculator is best for the CFA exam?

While “best” is subjective, the majority of candidates use the Texas Instruments BA II Plus (Standard or Professional). It is generally more intuitive, less expensive, and better supported by prep materials. The HP 12C is a great choice for those already proficient with RPN.

4. Do I need the Professional or Platinum version?

For Level I, the standard versions of either calculator are sufficient. However, the advanced functions in the TI BA II Plus Professional (like NFV, MIRR, Discounted Payback) and HP 12C Platinum can be helpful for Level II and beyond. Investing in the upgraded model from the start is often a good strategy.

5. What happens if I bring a non-approved calculator?

You will not be allowed to use it. Proctors will check calculators, and if yours is not on the list of CFA permitted calculators, you will have to take the exam without one, which is a significant disadvantage.

6. Can I use a calculator app on my phone or watch?

Absolutely not. Mobile phones, smartwatches, and any other electronic communication or computing devices are strictly forbidden.

7. What should I do if my calculator’s battery dies during the exam?

You can bring spare batteries and a small screwdriver to replace them. However, it’s much safer and faster to have a backup calculator ready to go. Test center staff will not provide batteries.

8. Why are graphing calculators like the TI-84 not allowed?

Graphing and programmable calculators are banned because their advanced capabilities could provide an unfair advantage. The policy on CFA permitted calculators exists to create a level playing field for all candidates.