Which calculator can you use in the CFA exam? The approved models and the rules
The calculator you bring to the CFA exam is not a matter of taste. CFA Institute authorises only two models, inspects yours before the exam starts, and voids the results of anyone found using an unauthorised one. This guide sets out the policy as CFA Institute states it, then covers how to get comfortable with the machine you choose.
The two authorised models
Only two calculator models are allowed in CFA Program exams:
- Texas Instruments BA II Plus, including the BA II Plus Professional.
- Hewlett Packard 12C, including the HP 12C Platinum, the 12C Platinum 25th anniversary edition, the 12C 30th anniversary edition and the HP 12C Prestige.
No other calculator is authorised. That includes scientific calculators, graphing calculators, phones, watches and spreadsheet software.
The rules on the day
- Bring your own. You may not borrow a calculator from the test centre, and you may not borrow from or share a calculator with another candidate during the exam.
- It will be inspected. Your calculator is inspected before the exam starts.
- An unauthorised calculator voids your results. Using or possessing one during the exam results in your exam results being voided. If the proctors fail to spot it before the exam, or if you possess or use it at any time during the exam, that does not mean you complied with the policy.
- Covers, keystroke cards and loose batteries are allowed in the testing room. Instruction manuals are not.
- A small screwdriver may be kept with you if you need it to replace the batteries in a BA II Plus.
Check the current policy on the CFA Institute website before the exam, as it is updated from time to time. The version summarised here was updated in January 2026.
Which one should you choose?
Both are accepted, and candidates pass using either. The practical points:
- Pick one early and stay with it. Switching in the final weeks costs you speed, and speed matters: Level I allows about 90 seconds a question.
- Check your study material. Make sure the explanations and worked examples you study with show keystrokes for the model you choose.
- The HP 12C uses reverse Polish notation, so you enter numbers before the operation. It is quick once learned, but it feels strange if you are used to ordinary calculators.
None of these points affects your score by itself. Choose the one you will practise with every day.
Getting fast
Time on the exam is short, so the aim is for the keystrokes to be automatic.
- Practise on the exam calculator from the first week, not a phone or spreadsheet, so the machine is familiar by the time the exam arrives.
- Learn the functions the exam uses most: time value of money, cash flows (NPV and IRR), and statistics. See time value of money explained and NPV vs IRR.
- Know how to clear it. Leftover values from an earlier calculation are a common source of wrong answers.
- Check the settings, such as the number of decimal places, and payments at the beginning or end of the period.
- Replace the battery a week or two before the exam, and keep a spare, since loose batteries are allowed in the room.
- Check your answers with an independent tool while you study. The finance calculators let you confirm a result when you are stuck.
Common questions
Which calculators are allowed in the CFA exam?
The Texas Instruments BA II Plus (including the Professional) and the Hewlett Packard 12C family: the 12C, 12C Platinum, 25th and 30th anniversary editions and the 12C Prestige.
Can I borrow a calculator at the test centre?
No. You must bring your own, and you may not borrow from or share one with another candidate.
What happens if I bring the wrong calculator?
Using or possessing an unauthorised calculator during the exam results in your results being voided, even if the proctors did not notice it at check-in.
Can I bring the instruction manual?
No. Covers, keystroke cards and loose batteries are allowed, but instruction manuals are not.
Sources
- CFA Institute, The CFA Program: the exam calculator policy and the exam-day rules.
The policy is updated from time to time. Check the current version on the CFA Institute website before the exam.