CFA Level 1 Exam Calculator Policy Checker

A quick tool to verify if you can use a specific calculator on the CFA Level 1 exam.

Is Your Calculator Approved?

What is the CFA Exam Calculator Policy?

The question of whether you can use a calculator on the CFA Level 1 exam is critical for every candidate. The answer is yes, but with very strict limitations. The CFA Institute enforces a stringent calculator policy to ensure fairness and a level playing field for all exam takers. This policy explicitly states that only two specific models of business calculators are authorized for use during the exam. Bringing an unapproved calculator will result in it being confiscated, and you will have to take the exam without one, which is a significant disadvantage.

Approved CFA Calculator Models and Explanation

The CFA Institute authorizes only two families of calculators. This strict control prevents the use of devices with text-storage or programming capabilities that could provide an unfair advantage. The approved models are chosen for their core financial functions without being overly complex or programmable.

Table 1: Officially Approved Calculators for All CFA Exam Levels

Manufacturer	Approved Models	Key Features
Texas Instruments	BA II Plus (including BA II Plus Professional)	Algebraic operating system, easy to learn, popular among candidates. Functions for TVM, NPV, IRR, and amortization.
Hewlett Packard	12C (including Platinum, Prestige, and anniversary editions)	Uses Reverse Polish Notation (RPN) for faster calculations once mastered. A long-time favorite of finance professionals.

Practical Examples

Example 1: Candidate with an Approved Calculator

• Input: A candidate selects “Texas Instruments BA II Plus Professional” in the checker.
• Result: APPROVED.
• Action: The candidate can confidently bring this calculator to the exam. They should practice extensively with it, as recommended in our guide to mastering your calculator.

Example 2: Candidate with a Non-Approved Calculator

• Input: A student selects “Texas Instruments TI-84” (a popular graphing calculator).
• Result: NOT APPROVED.
• Action: The candidate must purchase one of the approved models (either a TI BA II Plus or an HP 12C) immediately and start practicing with it. Using an unapproved model is not an option. You can find purchase links in our FAQ section.

How to Use This CFA Calculator Policy Checker

Using this tool is straightforward and designed to give you an immediate answer about whether you can use a calculator on the CFA Level 1 exam.

1. Select Your Model: Click on the dropdown menu and find your calculator’s model name.
2. Check Eligibility: Click the “Check Eligibility” button.
3. Review the Result: The box below will instantly show whether your calculator is “Approved” or “Not Approved” and provide a brief explanation.
4. Reset: Click the “Reset” button to clear the result and check another model.

Key Factors That Affect Your Calculator Choice

While the policy is rigid, your choice between the two approved models matters. Here are factors to consider:

• Official CFA Institute Policy: This is the most critical factor. Only the TI BA II Plus and HP 12C series are allowed.
• Operating System (Algebraic vs. RPN): The TI BA II Plus uses an algebraic system (like most school calculators), making it easier to learn. The HP 12C uses Reverse Polish Notation (RPN), which is faster for complex calculations once mastered but has a steeper learning curve.
• Familiarity and Practice: The best calculator is the one you are most comfortable with. Consistent practice is crucial to save time during the exam.
• Cost and Availability: The TI BA II Plus is generally less expensive and more widely available than the HP 12C.
• Battery Life and Reliability: Both models are reliable, but it’s always wise to bring spare batteries or even a backup approved calculator.
• Specific Features: While both perform the necessary functions (TVM, NPV, IRR), the Professional version of the BA II Plus has a few extra features like NFV and MIRR.

Frequently Asked Questions (FAQ)

1. Can I use a calculator on the CFA Level 1 exam at all?

Yes, you can and absolutely should. The exam involves complex calculations that are impractical to perform by hand under time pressure. However, you must use an approved model.

2. Which exact calculator models are permitted?

Only the Texas Instruments BA II Plus (including the Professional version) and the Hewlett Packard 12C (including Platinum, Prestige, and anniversary editions) are allowed.

3. Is my TI-84 Plus or other graphing calculator allowed?

No. Graphing calculators, programmable calculators, or any model other than the two approved types are strictly prohibited.

4. What happens if I bring an unapproved calculator to the exam center?

The proctors will inspect your calculator. If it is not an approved model, they will confiscate it for the duration of the exam. You will not be provided with a replacement.

5. Should I clear my calculator’s memory before the exam?

Yes, proctors may inspect your calculator and require you to clear its memory before the exam begins to ensure no formulas or notes are stored.

6. Can I bring a backup calculator?

Yes, you are allowed to bring a second, backup calculator as long as it is also an approved model. This is highly recommended in case of battery failure or malfunction.

7. Where can I buy an approved CFA exam calculator?

Approved calculators are available online from retailers like Amazon, on the TI and HP websites, and in many office supply stores. Check out this guide to study materials for more info.

8. Which is better for the CFA exam: TI BA II Plus or HP 12C?

Most candidates, especially those new to financial calculators, prefer the TI BA II Plus for its user-friendly algebraic input. The HP 12C is favored by experienced professionals comfortable with RPN. Explore our detailed comparison to decide.

Related Tools and Internal Resources

To further aid your preparation, explore these resources: