Cfa Permitted Calculators

What Are CFA Permitted Calculators?

CFA permitted calculators are specific models of financial calculators that the CFA Institute has approved for use during its rigorous exams. The institute maintains a strict calculator policy to ensure a level playing field for all candidates and to prevent any potential for cheating through programmable or internet-connected devices. As of the latest policy update, only two families of calculators are allowed: the Texas Instruments BA II Plus (including the BA II Plus Professional) and the Hewlett Packard 12C (including its various editions like the Platinum and anniversary models).

This policy is not a suggestion; it’s a critical rule. Attempting to use an unapproved calculator will result in your exam being voided. The purpose of these specific CFA permitted calculators is to provide candidates with the necessary financial functions—like Time-Value-of-Money (TVM), Net Present Value (NPV), and Internal Rate of Return (IRR)—without giving them an unfair advantage. Anyone preparing for the CFA exams must not only own one of these models but also achieve complete mastery over its functions to succeed under tight time constraints. A common misconception is that any financial calculator will do, but the CFA Institute is explicit about the approved models to maintain exam integrity.

The “Formula” for CFA Calculator Compliance

Unlike a financial calculation, the “formula” for determining if a device is one of the CFA permitted calculators is a rule-based check. The CFA Institute does not approve calculators based on their features alone but rather on specific model numbers. The core principle is to allow devices that are powerful enough for financial analysis but lack advanced programming, graphing, or communication capabilities.

The step-by-step logic is simple:

Identify the Model Family: Is the calculator a Texas Instruments BA II series or a Hewlett Packard 12C series?
Verify the Specific Model: Does the model number exactly match one listed in the official policy? (e.g., “BA II Plus” or “HP 12C Platinum”).
Check for Prohibitions: The calculator must not be a graphing calculator, have a QWERTY keyboard, or be an app on a smartphone or tablet.

Here is a breakdown of the “variables” that determine compliance with the CFA permitted calculators policy:

Compliance Variables for CFA Permitted Calculators
Variable	Meaning	Permitted State	Prohibited State
Model Family	The brand and series of the calculator.	TI BA II Plus or HP 12C	Casio, Sharp, Graphing Calculators, etc.
Programmability	The ability to store complex custom programs.	Keystroke programming only (HP 12C)	Advanced programming (e.g., TI-83/84)
Display Type	The calculator’s screen capabilities.	Numeric, multi-line text	Graphical (charting) display
Connectivity	The ability to connect to other devices.	None	USB, Wi-Fi, Bluetooth

Practical Examples: Permitted vs. Prohibited

Understanding the difference between approved and unapproved calculators is crucial. Here are two real-world examples to illustrate the policy on CFA permitted calculators in action.

Example 1: A Permitted Calculator

Calculator: Texas Instruments BA II Plus Professional
Inputs for Check: Model selected in the checker tool.
Output: PERMITTED
Financial Interpretation: This calculator is fully compliant with the CFA calculator policy. It has all the necessary functions for TVM, cash flow analysis, and amortization schedules required for the exam. Its non-graphing, non-programmable nature makes it one of the cornerstone CFA permitted calculators. A candidate using this can confidently enter the exam hall.

Example 2: A Prohibited Calculator

Calculator: Casio FX-991EX ClassWiz (a popular scientific calculator)
Inputs for Check: Model selected in the checker tool.
Output: NOT PERMITTED
Financial Interpretation: Although a powerful scientific calculator, this model is not on the approved list. Using it would be a policy violation. It lacks the specific financial worksheet modes (like TVM or cash flows) that are streamlined in the approved models. This underscores the importance of adhering strictly to the list of CFA permitted calculators. For more insights, review our CFA study materials.

How to Use This CFA Permitted Calculators Checker

This tool is designed to be straightforward, giving you an instant answer about your exam day readiness. Follow these simple steps:

Select Your Model: Click on the dropdown menu titled “Select Your Calculator Model”.
Find Your Calculator: Scroll through the list and choose the model that matches your calculator. We have included the most common permitted and prohibited models for your convenience. If you don’t see yours, select “Other”.
Review the Results: The tool will instantly update. The primary result will clearly state “PERMITTED” in green or “NOT PERMITTED” in red.
Understand the Details: The intermediate results provide context, confirming the calculator family (if applicable) and summarizing the policy takeaway. This helps you understand *why* your calculator is or is not allowed. Mastering this is a key part of your CFA Level I study plan.

Using this checker for CFA permitted calculators removes any doubt, allowing you to focus on what truly matters: your exam preparation.

Key Factors That Affect CFA Calculator Policy

The policy around CFA permitted calculators is strict for several reasons, all designed to protect the integrity and fairness of the exam. Here are six key factors:

1. Preventing Unfair Advantage: The primary goal is to ensure no candidate can store notes, formulas, or use advanced programs. Limiting models standardizes the available tools.
2. Exam Security: Calculators with wireless or infrared communication capabilities are strictly forbidden to prevent any form of communication during the exam.
3. Focus on Concepts, Not Computation: The exam tests your analytical ability, not your ability to program a device. The approved calculators handle the tedious math, letting you focus on applying financial concepts. Our financial calculator tutorials can help you get up to speed.
4. Historical Precedent: The TI BA II Plus and HP 12C have been the industry standard in finance for decades. Their continued approval provides consistency for candidates and professionals.
5. Ease of Proctoring: By limiting the number of models, proctors can quickly inspect and verify every calculator in the room, making the check-in process more efficient and secure.
6. Battery and Reset Policies: The policy extends to how calculators are powered and cleared. You are allowed to bring spare batteries and must know how to clear your calculator’s memory to show proctors it contains no stored data. This is a critical step on your exam day checklist.

Frequently Asked Questions (FAQ)

1. Why are only two calculator models allowed?

The CFA Institute restricts the models to ensure fairness and prevent the use of devices with advanced programming, storage, or communication features. This standardizes the tools available to all candidates, maintaining the integrity of the exam.

2. What’s the main difference between the TI BA II Plus and the HP 12C?

The TI BA II Plus uses an “Algebraic Operating System” (AOS), which is similar to standard calculators (e.g., 3 + 4 * 5). The HP 12C uses “Reverse Polish Notation” (RPN), which is faster for complex calculations once mastered but has a steeper learning curve. The TI is generally considered more user-friendly for beginners.

3. Is the “Professional” version of the TI BA II Plus worth it?

Yes, for most candidates. The BA II Plus Professional has a better build quality, a faster processor, and includes extra worksheet functions like Net Future Value (NFV) and Modified IRR, which can be useful. The small price difference is often justified by the improved performance and features.

4. Can I bring two CFA permitted calculators into the exam?

Yes, and it is highly recommended. You are allowed to have a backup calculator on your desk. This can be a lifesaver if your primary calculator malfunctions or its batteries die mid-exam.

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

Yes. Proctors may ask you to demonstrate that you have cleared the memory of your CFA permitted calculators. It’s a good practice to know how to do this quickly. For the TI BA II Plus, pressing [2nd] [RESET] [ENTER] will clear the memory.

6. Are calculator apps on phones or tablets allowed?

No. The use of mobile phones, tablets, or any general-purpose computing device is strictly prohibited. Your calculator must be a standalone physical device from the approved list of CFA permitted calculators.

7. What about calculator covers and keystroke cards?

According to the official policy, you are allowed to have the calculator cover, a keystroke card, and loose batteries on your desk. However, instruction manuals are not permitted.

8. Where can I find a good comparison of the two main CFA permitted calculators?

There are many resources online. A good place to start would be an article that dives into the pros and cons of each, like one on the best financial calculators for professionals.

Related Tools and Internal Resources

For more help with your CFA exam preparation, check out these valuable resources:

Time Value of Money (TVM) Calculator: A great tool for practicing the core calculations you’ll perform on your approved calculator.
CFA Exam Study Materials: Explore our comprehensive guides and notes to build a strong conceptual foundation.
How to Pass CFA Level I: A strategic guide to structuring your study plan and maximizing your chances of success.
Financial Calculator Basics: New to financial calculators? This guide will walk you through the essential functions.
CFA Exam Day Checklist: Make sure you’re fully prepared for exam day with our detailed checklist.
BA II Plus vs. HP 12C Comparison: A deep dive into the two CFA permitted calculators to help you choose the right one for you.

CFA Permitted Calculators Policy Checker

Approved Family

Policy Status

Key Takeaway

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