CFA Approved Calculators & Policy Guide
Ensure you’re ready for exam day by confirming your financial calculator is compliant with the CFA Institute’s policy. Use our simple checker to instantly verify if you are using one of the officially **cfa approved calculators**.
CFA Calculator Approval Checker
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Understanding the Policy on CFA Approved Calculators
What are CFA Approved Calculators?
The CFA Institute maintains a strict policy regarding the tools candidates can use during exams to ensure fairness and prevent any potential for cheating. “CFA approved calculators” refer to a very specific, short list of financial calculator models that are permitted for use during the CFA exams. Using any calculator not on this approved list will result in disqualification. The policy ensures that all candidates have the same computational capabilities, leveling the playing field.
This policy is crucial for anyone preparing for the CFA designation. It is not enough to have a powerful financial calculator; you must have one of the two specific types sanctioned by the Institute. The two approved models are the Texas Instruments BA II Plus (including the Professional version) and the Hewlett Packard 12C (including its various editions like the Platinum).
CFA Calculator Policy Explained
There isn’t a mathematical “formula” for approval, but rather a strict rule-based policy. The CFA Institute’s decision to exclusively allow the Texas Instruments BA II Plus and HP 12C models is based on several factors designed to maintain exam integrity.
- Standardized Functionality: These models provide all the necessary financial functions (TVM, NPV, IRR) without having advanced graphing, programming, or communication capabilities that could provide an unfair advantage.
- Fairness and Equity: By limiting the models, the Institute ensures that no candidate has access to a technologically superior device.
- Exam Security: Prohibiting programmable or internet-enabled calculators minimizes the risk of candidates storing notes or accessing external information.
Candidates are personally responsible for bringing an approved calculator. Test centers will not provide them, and sharing is strictly forbidden. It is also wise to bring a spare approved calculator or at least replacement batteries.
| Manufacturer | Model Name | Common Variations |
|---|---|---|
| Texas Instruments | BA II Plus | Standard, Professional |
| Hewlett Packard | 12C | Standard, Platinum, Platinum 25th Anniversary, Prestige |
Practical Examples (Real-World Use Cases)
Understanding which **cfa approved calculators** to use is a practical first step for any candidate. Let’s look at two scenarios.
Example 1: A New Candidate’s Choice
Scenario: Alex is registering for the CFA Level I exam. He used a graphing calculator in college and assumes it’s powerful enough. Before buying study materials, he decides to check the policy.
Action: He uses this checker tool and enters “TI-84 Plus”.
Result: The tool shows “Not Approved”. He learns that despite its power, his graphing calculator is forbidden. He then researches the two approved types. Due to its widespread use and algebraic entry mode (which is more intuitive for most people), he decides to purchase a Texas Instruments BA II Plus. This is a common choice for those new to financial calculators.
Example 2: An Experienced Professional’s Dilemma
Scenario: Maria, a finance professional, has used an HP 12C with its Reverse Polish Notation (RPN) for her entire career. She owns the “HP 12C Platinum 25th anniversary edition”. She wants to confirm this specific edition is allowed.
Action: She enters “HP 12C Platinum 25th anniversary edition” into the checker.
Result: The tool shows “Approved”. She is relieved that her trusty, long-serving calculator is compliant, and she won’t need to learn a new device for the exam. The CFA Institute explicitly allows this and other special editions of the HP 12C.
How to Use This CFA Approved Calculator Checker
- Select or Enter Model: Either choose a calculator from the dropdown list for a quick check or type your specific model name into the text box.
- Check Status: The status will update automatically as you type or select. You can also click the “Check Status” button.
- Review Results: The result box will clearly state “Approved” in green or “Not Approved” in red.
- Reset: Click the “Reset” button to clear the inputs and start over. This is useful for checking multiple calculators.
Knowing your calculator’s status is vital. A “Not Approved” result means you absolutely must purchase a new one from the list of **cfa approved calculators** to be able to sit for the exam.
Key Factors That Affect Your Choice
Choosing between the two types of **cfa approved calculators** comes down to personal preference and background. Here are six factors to consider:
- 1. Data Entry System: The biggest difference. The Texas Instruments BA II Plus uses an “Algebraic” system, similar to a standard calculator. The HP 12C uses “Reverse Polish Notation” (RPN), which is faster for complex, multi-step calculations once mastered, but has a steeper learning curve.
- 2. Ease of Use: For beginners, the TI BA II Plus is almost universally considered easier to learn and use. Its interface is more straightforward.
- 3. Speed and Efficiency: Veteran finance professionals often swear by the HP 12C’s RPN for its speed, as it can require fewer keystrokes for chained calculations. However, for most candidates, the TI is just as fast.
- 4. Build Quality: The Professional version of the BA II Plus and the HP 12C models often have a more solid, durable feel compared to the standard BA II Plus.
- 5. Specific Functions: Both calculators handle all required functions like TVM, cash flows (NPV/IRR), and amortization. The BA II Plus Professional has a few extra functions like Net Future Value (NFV) and a discounted payback period, though these are minor advantages.
- 6. Price: The standard TI BA II Plus is generally the most affordable option, making it a popular CFA Level 1 calculator choice for those on a budget.
Frequently Asked Questions (FAQ)
1. Can I bring two calculators into the exam?
Yes, you are allowed to bring a second approved calculator as a backup. In fact, it is highly recommended in case of a malfunction or battery failure.
2. Are calculator manuals or instruction cards allowed?
No. Instruction manuals are strictly forbidden. However, the small, original keystroke card that comes with the calculator is permitted, as are calculator covers.
3. Do I need to clear my calculator’s memory before the exam?
Yes, proctors will inspect your calculator, and you must show them that the memory has been cleared. It’s best to learn how to do this quickly.
4. What is the difference between the BA II Plus and the BA II Plus Professional?
The Professional model has a sturdier build, a few extra functions (like NFV and discounted payback), and a slightly different button feel. For the CFA exams, the standard model is perfectly sufficient.
5. What is Reverse Polish Notation (RPN)?
RPN is a data entry method used by the HP 12C. Instead of typing `2 + 3 =`, you would type `2 Enter 3 +`. It’s efficient for complex formulas but feels unnatural to new users.
6. Can I use a calculator app on my phone or watch?
Absolutely not. All smart devices, phones, watches, and any device with communication capabilities are strictly prohibited. Using one is a serious violation of the **CFA calculator policy**.
7. I have an older HP 12C. Is it still approved?
Yes. The HP 12C has been in production since 1981, and all versions, including vintage ones, are permitted as long as they are one of the approved model numbers (12C, 12C Platinum, etc.).
8. What happens if I bring a non-approved calculator?
You will not be allowed to use it. If you do not have an approved backup, you will have to take the exam without a calculator, which is a significant disadvantage. In some cases, your results may be voided.