CFA Exam Eligibility: Can You Use Two Calculators?
CFA Calculator Policy Checker
Select the type of your first calculator.
Select the type of your second calculator, or ‘None’.
Enter your CFA exam date to check against policy updates.
What is the CFA Calculator Policy?
The Chartered Financial Analyst (CFA) Program sets strict guidelines regarding the calculators permitted during the exam. Understanding these rules is crucial for test-takers to avoid any disruptions or disqualifications on exam day. The primary goal of the policy is to ensure a fair testing environment, where all candidates have access to basic financial functions without the advantage of advanced computing or programming capabilities.
Who Should Understand This Policy?
Every candidate registered for any level of the CFA exam (Level I, Level II, or Level III) must thoroughly understand the calculator policy. This includes individuals preparing for their first exam attempt as well as those retaking an exam. Ignorance of the policy is not an acceptable excuse for bringing a non-compliant device.
Common Misconceptions about CFA Calculators
Several myths surround the CFA calculator policy:
- Myth: Any scientific calculator is fine. The CFA Institute specifically approves only certain models, primarily the Texas Instruments BA II Plus (including the Professional version) and the HP 12C (including the Platinum, 25th Anniversary, and 30th Anniversary versions).
- Myth: You can use your phone or tablet calculator. Electronic devices like smartphones, tablets, laptops, and smartwatches are strictly prohibited.
- Myth: You can use two non-approved calculators. Only approved calculators are allowed, and after 2024, up to two approved calculators are permitted. Using non-approved devices, even if they are financial calculators, will lead to exam disqualification.
- Myth: Policy is the same across all exam years. The policy has evolved. Notably, the permission to use two calculators has been a recent change.
This page aims to clarify the current CFA calculator policy and help you determine if bringing two calculators is permissible for your exam date.
CFA Calculator Policy: Rules and Evolution
The CFA Institute has updated its calculator policy over the years to adapt to technological advancements and ensure exam fairness. The core principle remains: candidates can only use specific, approved financial calculators that perform essential functions without advanced capabilities like text storage or complex programming.
Calculator Permissibility by Exam Year
The rules differ significantly depending on when you are taking the exam:
- Prior to 2024: Candidates were permitted to bring only ONE financial calculator. This calculator had to be one of the approved models (TI BA II Plus or HP 12C). Bringing any other type of calculator, or more than one, was prohibited.
- 2024 Onwards: The policy was updated. Candidates are now allowed to bring up to TWO calculators to the exam, with specific conditions:
- Both calculators must be on the CFA Institute’s approved list (TI BA II Plus series or HP 12C series).
- The exam proctor has the final say on calculator permissibility.
- Any calculator that is not on the approved list (e.g., programmable, scientific with algebraic modeling, text-retrieval features) is strictly forbidden.
Approved Calculator Models
The only calculators explicitly permitted are:
- Texas Instruments BA II Plus (including BA II Plus Professional)
- Hewlett Packard 12C (including 12C Platinum, 25th Anniversary, and 30th Anniversary versions)
If your calculator is not one of these specific models, it is not allowed, regardless of its functionality. Candidates are responsible for ensuring their chosen calculators meet these requirements.
Formula and Mathematical Explanation
While there isn’t a complex mathematical formula to determine policy, the decision-making process relies on a set of logical rules based on the calculator type, the number of calculators, and the exam date. The “calculation” is essentially a rule-based evaluation:
Rule 1: Calculator Type Check
Determine if each calculator (if two are brought) is an “Approved” model (BA II Plus series or HP 12C series) or a “Non-Approved” model.
Rule 2: Number of Calculators Check
Count the number of calculators intended to be brought into the exam room.
Rule 3: Exam Date Check
Identify the exam date to apply the correct policy version (pre-2024 or 2024 onwards).
Output Logic:
- If Exam Date is Pre-2024:
- Bringing 1 Approved calculator: Permitted.
- Bringing 1 Non-Approved calculator: Not Permitted.
- Bringing 2 calculators (any type): Not Permitted.
- If Exam Date is 2024 or Later:
- Bringing 1 Approved calculator: Permitted.
- Bringing 2 Approved calculators: Permitted.
- Bringing 1 Non-Approved calculator: Not Permitted.
- Bringing 2 calculators where at least one is Non-Approved: Not Permitted.
Variables Table:
| Variable | Meaning | Unit | Typical Range/Values |
|---|---|---|---|
| `calcType1` | Type of the first calculator | Enum | ‘approved’, ‘non-approved’ |
| `calcType2` | Type of the second calculator | Enum | ‘none’, ‘approved’, ‘non-approved’ |
| `examDate` | The date the CFA exam is scheduled | Date | Valid calendar date |
| Policy Year | Determines which set of rules applies (pre-2024 vs. 2024+) | Categorical | ‘pre_2024’, ‘post_2024’ |
| Number of Calculators | Total count of calculators to be brought | Integer | 1 or 2 |
Practical Examples (Real-World Use Cases)
Example 1: A Candidate Preparing for the June 2024 Exam
Scenario: Sarah is taking the Level I CFA exam in June 2024. She owns a Texas Instruments BA II Plus and is considering bringing her older HP 10bII+ scientific calculator as a backup. She inputs her details into the calculator.
Inputs:
- Calculator 1 Type: Approved (BA II Plus)
- Calculator 2 Type: Non-Approved (HP 10bII+)
- Exam Date: 2024-06-15
Calculator Output:
Financial Interpretation: Sarah cannot bring both calculators. Her HP 10bII+ is not on the approved list. She must choose to bring only her BA II Plus, or purchase and bring a second approved model like the HP 12C.
Example 2: A Candidate Preparing for the December 2023 Exam
Scenario: John is taking the Level II CFA exam in December 2023. He has a TI BA II Plus and an HP 12C, both approved models. He wants to bring both for redundancy.
Inputs:
- Calculator 1 Type: Approved (TI BA II Plus)
- Calculator 2 Type: Approved (HP 12C)
- Exam Date: 2023-12-05
Calculator Output:
Financial Interpretation: John cannot bring both calculators. Despite both being approved, the policy before 2024 restricts him to using only one. He must choose either the TI BA II Plus or the HP 12C.
Example 3: A Candidate Planning for 2025
Scenario: Maria is registered for the Level III CFA exam in 2025. She has a TI BA II Plus Professional and just bought an HP 12C Platinum. She wants to confirm she can bring both.
Inputs:
- Calculator 1 Type: Approved (TI BA II Plus Pro)
- Calculator 2 Type: Approved (HP 12C Platinum)
- Exam Date: 2025-03-20
Calculator Output:
Financial Interpretation: Maria is permitted to bring both calculators. Both are specific approved models, and her exam date falls under the updated policy allowing two approved calculators.
How to Use This CFA Calculator Policy Checker
Our calculator is designed to provide a quick and clear answer regarding your CFA exam calculator permissions. Follow these simple steps:
- Select Your First Calculator Type: Choose “Approved” if you plan to bring a Texas Instruments BA II Plus (or Professional) or an HP 12C (or its variants). Select “Non-Approved” for any other type of calculator.
- Select Your Second Calculator Type (Optional):
- If you are only bringing one calculator, select “None (Not bringing a second)”.
- If you are bringing a second calculator, select “Approved” if it’s a TI BA II Plus series or HP 12C series.
- Select “Non-Approved” if your second calculator is any other model (e.g., standard scientific, graphing, or other financial calculator not on the approved list).
- Enter Your Exam Date: Input the exact date of your scheduled CFA exam. This is crucial as the policy changed significantly starting in 2024.
- Click ‘Check Policy’: Press the button to see the result.
Reading the Results
- Main Result: This will clearly state “Permitted” or “Not Permitted”.
- Intermediate Values: These provide context, such as the applicable policy year, the total number of calculators you indicated, and the status of your first calculator.
- Formula Explanation: This section details the specific rule applied based on your inputs, explaining why the result is what it is.
- Assumptions: Lists key conditions for the result, such as the approved model list and the need for proctor approval.
Decision-Making Guidance
If the result is “Not Permitted”:
- If bringing two calculators: You must decide whether to bring only one, or if you bring two, ensure both are on the approved list (TI BA II Plus / HP 12C series).
- If bringing a non-approved calculator: You must leave it at home or ensure you are only bringing one approved calculator.
If the result is “Permitted”:
You are generally allowed to bring the combination you selected. However, always remember that the final decision rests with the exam proctor on the day of the exam. Ensure your calculators are in good working order and do not have covers with unauthorized text or markings.
Key Factors Affecting CFA Calculator Policy Results
Several factors influence whether your calculator choice is compliant. Understanding these is key to navigating the CFA Institute’s regulations:
- Calculator Model: This is the most critical factor. Only the TI BA II Plus (and its Professional version) and the HP 12C (and its variants) are approved. Any deviation means the calculator is non-compliant.
- Exam Date: The policy changed substantially for exams administered from January 1, 2024, onwards. Before this date, only one calculator was allowed. From 2024, up to two approved calculators are permitted. This date is paramount for determining the applicable ruleset.
- Number of Calculators: Even if both calculators are approved, bringing more than one calculator was prohibited before 2024. Post-2024, bringing two is allowed only if both are approved models.
- Calculator Functionality: The CFA Institute prohibits calculators with text retrieval, programming capabilities, alphanumeric keyboards, or paper tape printers. Even approved models might be disallowed if they have unauthorized software or firmware installed.
- Proctor Discretion: While the CFA Institute provides a list of approved models, the final decision on whether a calculator is permitted rests with the on-site examination proctor. They have the authority to disallow any calculator they deem non-compliant, even if it appears on the approved list.
- Calculator Condition and Markings: Calculators must be free of unauthorized notes, markings, or attachments. Covers should not contain text. Ensure your calculator is in its original state as much as possible.
- Technological Advancements: The policy exists to level the playing field. Allowing advanced computing devices would provide an unfair advantage. The rules are designed to permit only basic financial calculation functions essential for the exam.
Frequently Asked Questions (FAQ)
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