CFA® Exam Calculator Policy Checker
Instantly verify if your calculator is approved for the CFA exam. Our tool and guide are updated for the 2026 exam cycle.
Is Your Calculator Approved?
Official CFA Calculator Policy Summary
The CFA Institute enforces a strict CFA calculator policy to ensure fairness and standardization during exams. Failure to comply can result in having your exam results voided. Only two models of business calculators are authorized for use.
| Approved Model Family | Specific Permitted Versions | Entry Mode |
|---|---|---|
| Texas Instruments BA II Plus | Standard BA II Plus and BA II Plus Professional | Algebraic |
| Hewlett Packard 12C | HP 12C, HP 12C Platinum, 12C Platinum 25th/30th anniversary, and 12C Prestige | RPN (HP 12C) / RPN & Algebraic (HP 12C Platinum) |
Table 1: A summary of calculator models permitted under the current CFA calculator policy.
Approved Calculator Model Popularity
Chart 1: An illustrative comparison of the general popularity among CFA candidates. The TI BA II Plus series is widely considered the most common choice.
What is the CFA Calculator Policy?
The CFA calculator policy is a set of rules established by the CFA Institute that dictates which specific calculator models candidates are permitted to use during the Chartered Financial Analyst (CFA) exams. This policy is not merely a suggestion; it is strictly enforced to maintain a level playing field for all candidates globally. The core of the policy is that only two types of calculators are allowed: the Texas Instruments BA II Plus (including its Professional version) and the Hewlett Packard 12C (and its various editions).
This policy applies to all three levels of the CFA exam. Proctors will inspect each candidate’s calculator before the exam begins. Using or even possessing an unauthorized calculator during the test will lead to severe penalties, including the voiding of your exam results. Therefore, understanding and adhering to the CFA calculator policy is a critical part of exam preparation.
Common Misconceptions
- “Any financial calculator is fine.” This is false. Even advanced financial calculators from brands like Casio or other Texas Instruments models (like the TI-83/84) are strictly forbidden.
- “The ‘Professional’ version is required.” This is also false. The standard Texas Instruments BA II Plus is fully compliant and sufficient. The Professional version offers a few extra functions (like discounted payback period) but is not mandatory.
- “I can borrow a calculator at the test center.” Absolutely not. Candidates must bring their own approved calculator. Sharing calculators is also prohibited.
CFA Calculator Rules and Mathematical Explanation
Unlike a typical calculator that solves a mathematical formula, this tool operates on a logical rule-based system derived directly from the CFA calculator policy. The “formula” is a simple comparison:
Result = (UserInputModel ∈ ApprovedModels) ? “APPROVED” : “NOT APPROVED”
The system checks if the model you enter is present in the official list of authorized calculators. This ensures a definitive and immediate answer regarding your calculator’s compliance.
Variables Table
| Variable | Meaning | Unit | Permitted Values (The “Approved” List) |
|---|---|---|---|
| UserInputModel | The calculator model entered by the user. | Text String | Any calculator model name. |
| ApprovedModels | The official set of CFA Institute-approved calculators. | Set of Text Strings | {“TI BA II Plus”, “TI BA II Plus Pro”, “HP 12C”, “HP 12C Platinum”, …} |
| Result | The compliance status of the user’s calculator. | Status Flag | “APPROVED” or “NOT APPROVED” |
Table 2: Variables used in the CFA Calculator Policy Checker logic.
Practical Examples (Real-World Use Cases)
Example 1: Candidate with a Common Study Calculator
- Input: Candidate selects “Other” and types in “Texas Instruments TI-84 Plus”.
- Logic: The checker’s internal list does not contain “Texas Instruments TI-84 Plus”.
- Output: The result is a clear “NOT APPROVED”.
- Interpretation: Although a powerful graphing calculator, the TI-84 Plus is not an authorized model under the CFA calculator policy. The candidate must purchase either a TI BA II Plus or an HP 12C to sit for the exam. For more on study materials, see our CFA Level 1 Study Guide.
Example 2: Candidate with an older HP model
- Input: Candidate selects “Hewlett Packard 12C”.
- Logic: The checker’s internal list contains “HP 12C”. The policy explicitly allows the classic 12C and its special editions.
- Output: The result is “APPROVED”.
- Interpretation: The candidate’s calculator is fully compliant with the CFA calculator requirements. They can confidently bring this calculator to the exam. They should, however, ensure they are proficient with its RPN entry system.
How to Use This CFA Calculator Policy Checker
- Select Your Model: Start by choosing your calculator from the dropdown list. We have included the most common approved models.
- Enter a Custom Model: If your calculator is not on the list, select “Other / Not Listed”. A new text field will appear where you can type the model name.
- Check Compliance: Click the “Check Compliance” button.
- Read the Result: The tool will instantly display whether your calculator is “APPROVED” or “NOT APPROVED” based on the official CFA calculator policy.
- Review Details: The output will also explain the reasoning and confirm the model that was checked. Exploring different investment strategies will show where these calculators are most useful.
Key Factors That Affect Your Choice of Approved Calculator
Once you know which models are allowed by the CFA calculator policy, you still have to choose one. Here are the key factors to consider:
- Entry System (Algebraic vs. RPN): This is the biggest difference. The TI BA II Plus uses the standard algebraic method (A + B = C) you’re used to. The HP 12C uses Reverse Polish Notation (A, enter, B, +), which is faster for complex multi-step calculations once mastered but has a steep learning curve.
- Ease of Use & Learning Curve: The TI BA II Plus is overwhelmingly recommended for new candidates because it’s intuitive. Most third-party prep materials use the TI for their examples, making it easier to follow along.
- Keystroke Functionality: Both calculators have dedicated keys for crucial financial functions like NPV and IRR. The BA II Plus Professional has a few extra shortcuts like Net Future Value (NFV) and Modified Duration, which can save a few seconds on exam day.
- Build Quality and Feel: The HP 12C is often praised for its robust build and professional feel, whereas the standard BA II Plus can feel “plasticky”. The BA II Plus Professional offers a better build quality than its standard counterpart.
- Price: The standard TI BA II Plus is typically the most affordable option. The HP 12C and the BA II Plus Professional are more expensive. Mastering your tool is a key part of effective risk management on exam day.
- Battery & Reliability: Both models are highly reliable. It’s always recommended to install a fresh battery before exam day and know how to perform a battery change. You are allowed to bring a small screwdriver and spare batteries into the testing room.
Frequently Asked Questions (FAQ)
Yes, you can bring more than one approved calculator. Many candidates bring a primary and a backup (e.g., two BA II Plus calculators, or one BA II Plus and one HP 12C) in case of battery failure or malfunction.
You are responsible for your equipment. Proctors will not provide batteries. This is the main reason for bringing a backup calculator or at least spare batteries and a screwdriver.
The policy ensures fairness by preventing candidates from using calculators with text-storing or communication capabilities, which could be used for cheating. Standardizing the tools ensures everyone is tested on their financial knowledge, not their ability to use a mini-computer. Learning about portfolio diversification is about knowledge, not calculator tricks.
“Better” is subjective. The Professional version has a weighted metal case, better button feedback, and a few extra worksheet functions like discounted payback period. However, the standard version is 100% sufficient to pass all levels of the exam.
Yes, proctors may inspect your calculator and ask you to clear its memory to ensure no notes are stored. You should know how to do this quickly. For the BA II Plus, it’s [2nd] [RESET] [ENTER].
If you are already proficient with the HP 12C and its RPN system, there is no need to switch. The learning curve for a new calculator would be more of a hindrance. Stick with what you know. This is a common question in financial modeling circles.
Calculator covers, keystroke cards, and loose batteries are permitted. Instruction manuals are strictly forbidden.
The policy has been stable for many years. The current approved models have been the standard for a long time. However, it’s always wise to check the official CFA Institute website for the most current CFA calculator policy before your exam date.
Related Tools and Internal Resources
Expand your knowledge with our other guides and tools:
- CFA Level 1 Study Guide: A comprehensive overview of the topics and strategies needed to succeed in the first exam.
- Time Value of Money (TVM) Calculator: A powerful tool to perform the core calculations you’ll need for the CFA exam.
- Financial Modeling Best Practices: Learn how to build robust and reliable financial models, a key skill for any Chartered Financial Analyst.