Calculators Permitted for Use During CFA Exams

Optimize your CFA calculator settings and estimate your mastery level.

Total Financial Investment:
$0.00

Recommended Decimal Setting:
9 (Floating)

Key Strengths:
N/A

Estimated Calculations Performed:
0

Formula: Readiness Score = (Practice Hours × Weeks × Efficiency Factor) / 10. Efficiency Factor varies by model based on algebraic vs. RPN logic overhead.

What is Calculators Permitted for Use During CFA Exams?

The calculators permitted for use during cfa exams are strictly limited to two specific models and their authorized sub-variations: the Texas Instruments BA II Plus and the Hewlett Packard 12C. This policy is rigorously enforced by the CFA Institute to ensure a level playing field for all candidates across Level I, Level II, and Level III. Utilizing any other device, including smartphones, smartwatches, or even advanced scientific calculators, is a direct violation of the exam rules and can lead to immediate disqualification.

Candidates often wonder why the list of calculators permitted for use during cfa exams is so restrictive. The primary reason is to prevent the use of pre-programmed formulas and alphanumeric storage that could aid in cheating. By limiting the devices to basic financial calculators, the Institute ensures that success depends on a candidate’s understanding of financial concepts rather than their ability to program a device. These tools are designed specifically for Time Value of Money (TVM), net present value (NPV), and internal rate of return (IRR) calculations, which are core to the curriculum.

There is a common misconception that the TI BA II Plus is for beginners while the HP 12C is for “experts.” In reality, both calculators permitted for use during cfa exams are equally capable of solving any problem presented in the exam. The choice typically boils down to input logic: the TI uses standard algebraic entry, whereas the HP 12C uses Reverse Polish Notation (RPN), which can be faster for experienced users but has a steeper learning curve.

Calculators Permitted for Use During CFA Exams Formula and Mathematical Explanation

While the calculators themselves are physical tools, their utility is measured by efficiency and cost of ownership. The formula used in our calculator to determine “Readiness” is derived from the learning curve of financial functions:

Readiness Score (R) = (H × W × E) / 10

Where:

• H: Weekly practice hours with the device.
• W: Total weeks spent using the device.
• E: Efficiency factor (determined by model familiarity).

Variable	Meaning	Unit	Typical Range
H	Practice Intensity	Hours/Week	5 – 25
W	Duration of Prep	Weeks	12 – 24
E	Interface Coefficient	Scalar	0.8 (New) – 1.2 (Expert)
Price	Acquisition Cost	USD	$30 – $60

Practical Examples (Real-World Use Cases)

Example 1: The TI BA II Plus User

A Level I candidate buys a Texas Instruments BA II Plus for $35. They practice for 15 hours a week for 10 weeks. They have one spare battery. According to our calculators permitted for use during cfa exams logic, their readiness score would be 150 (High Mastery), with a total investment of $38.50. Their primary focus should be on setting the calculator to 9 decimal places and ensuring the P/Y (payments per year) is set to 1.

Example 2: The HP 12C Professional

An experienced analyst uses the HP 12C Platinum ($55). They practice 5 hours a week for 20 weeks. Even with lower weekly hours, the RPN logic efficiency allows them to achieve a high score because of their long-term familiarity. Their total cost including high-end batteries is $62. The calculators permitted for use during cfa exams policy allows them to keep this model as a legacy tool throughout their career.

How to Use This Calculators Permitted for Use During CFA Exams Calculator

1. Select Your Model: Choose between the TI or HP variations. This changes the efficiency multiplier.
2. Enter Price: Input the cost of the hardware to track your study budget.
3. Define Practice Intensity: Input how many hours per week you actually hold the device and solve problems.
4. Set Timeline: Input the weeks left until your scheduled exam date.
5. Review Results: Check your Readiness Score. A score above 100 suggests you can operate the device subconsciously during the exam.

Key Factors That Affect Calculators Permitted for Use During CFA Exams Results

• Input Logic (RPN vs. Algebraic): The HP 12C uses RPN, which eliminates the need for parentheses, potentially saving 10-15% in keystrokes during complex NPV problems.
• Battery Redundancy: The CFA Institute does not allow you to share calculators. Bringing a spare battery is a critical risk-management factor.
• Decimal Settings: Most calculators permitted for use during cfa exams come defaulted to 2 decimal places. Candidates must change this to 4 or 9 to avoid rounding errors in bond pricing.
• Method of Entry: The TI BA II Plus Professional offers “Chains” vs. “AOS” (Algebraic Operating System). Choosing AOS follows standard math order of operations.
• Build Quality: The TI BA II Plus Professional has better tactile feedback (clicky keys) than the standard version, reducing “ghost” entries.
• Memory Registers: Knowing how to store (STO) and recall (RCL) values across different worksheets is vital for multi-step Level II equity valuation questions.

Frequently Asked Questions (FAQ)

Can I bring both a TI and an HP calculator to the exam?

Yes, you can bring multiple calculators permitted for use during cfa exams to the testing center, provided they are both on the approved list. Many candidates bring two TI BA II Plus units in case one fails.

Are calculator covers allowed?

The covers/sleeves must be removed and placed on the floor or in your locker. Only the calculators permitted for use during cfa exams (the device itself) can be on your desk.

What happens if my calculator dies during the exam?

Proctors will not provide batteries or spare devices. This is why managing your calculators permitted for use during cfa exams includes checking battery health before the exam day.

Is the HP 12C Platinum allowed?

Yes, the HP 12C Platinum is one of the calculators permitted for use during cfa exams. It includes both RPN and Algebraic modes.

Should I set my TI BA II Plus to BGN or END mode?

For 95% of CFA questions (standard annuities), the calculator should be in END mode. Only switch to BGN for annuities due (payments at start of period).

How do I clear all memory on the TI BA II Plus?

Press [2nd] [CLR TVM] for time value of money, and [2nd] [CLR WORK] for specific worksheets like CF or Bond.

Does the proctor reset my calculator?

Proctors have the right to inspect your device and may ask you to reset the memory to ensure no prohibited data is stored.

Which calculator is better for Level II?

Both are sufficient. However, many find the TI BA II Plus more intuitive for the heavy Data/Statistics worksheets required in Level II.