BA II Plus vs HP 12C: Which Calculator for the CFA Exam? (2026)

BA II Plus vs HP 12C: Which Calculator for the CFA Exam?

CFA Institute permits exactly two calculator families for the CFA exam, and that has not changed in years: the Texas Instruments BA II Plus and the Hewlett Packard 12C. Every other model, no matter how capable, stays home. So the real question is not what to buy, but which of the two fits how you work.

I sat all three CFA levels on a BA II Plus, and I built FreeFellow's CFA practice so candidates can drill the actual keystrokes on real problems rather than fighting the calculator on exam day. Here is how the two models compare and which one I would buy today.

The only two calculators CFA Institute permits

The permitted list is short and specific:

Texas Instruments BA II Plus, including the BA II Plus Professional.
Hewlett Packard 12C, including the HP 12C Platinum, the Platinum 25th anniversary edition, the 30th anniversary edition, and the HP 12C Prestige.

That is the entire list. Graphing calculators, scientific calculators, phone apps, and every other financial model are not allowed. Your calculator is inspected before the exam, and possessing an unauthorized one during the exam can void your result.

BA II Plus: the default for most candidates

The BA II Plus uses standard algebraic entry, so you type a calculation roughly the way you would say it. The time value of money row (N, I/Y, PV, PMT, FV) is labeled in plain terms, the cash flow worksheet handles uneven cash flows for NPV and IRR, and amortization and depreciation worksheets are built in. It costs under 40 dollars.

For roughly nine out of ten candidates, this is the right pick. The learning curve is short, the keys are readable, and nothing about the CFA curriculum needs more calculator than this.

HP 12C: RPN and who it suits

The HP 12C uses RPN (reverse Polish notation): you enter the numbers first, then the operation. Once it clicks, RPN is genuinely faster because it removes parentheses and reduces keystrokes on chained calculations. The 12C is also a durable, iconic piece of hardware that many finance professionals already carry.

The catch is the learning curve. If you have never used RPN, the CFA study window is not the time to learn it. Choose the 12C only if you already think in RPN or you strongly prefer it after trying one. The HP 12C Platinum adds an algebraic mode if you want the hardware without committing to RPN.

Which one to buy

If you are starting from scratch, buy the BA II Plus. It is cheaper, faster to learn, and covers everything the CFA exam asks. If you already use RPN daily, the HP 12C will feel natural and fast. There is no scoring advantage to either; the exam does not care which permitted model produced your answer.

A useful bonus: the BA II Plus is also on the permitted or allowed list for the FRM, CFP, CAIA, and CMA exams, so if you plan to stack credentials, one purchase carries across most of them.

Exam-day calculator rules

Bring your own. You cannot borrow one at the test center or share with another candidate.
Your calculator is inspected before the exam starts.
Calculator covers, keystroke cards, and loose batteries are allowed in the room. Instruction manuals are not.
You may bring more than one permitted calculator. A backup unit protects against a dead battery or malfunction.

Whichever you choose, the winning move is the same: learn it cold. Drill time value of money, cash flow (NPV and IRR), and amortization keystrokes on real questions until they are automatic. FreeFellow's CFA practice bank is free, so you can build that muscle memory before you ever sit down at the test center.

Frequently Asked Questions

Which calculators can I use on the CFA exam?

CFA Institute permits two model families. The first is the Texas Instruments BA II Plus, including the BA II Plus Professional. The second is the Hewlett Packard 12C, including the HP 12C Platinum, the Platinum 25th anniversary edition, the 30th anniversary edition, and the HP 12C Prestige. No other calculator is allowed in the exam room.

Is the BA II Plus or the HP 12C better for the CFA exam?

For most candidates, the BA II Plus. It uses standard algebraic entry, the buttons are clearly labeled, and it is cheaper. The HP 12C uses RPN entry, which is faster once mastered but takes time to learn, so it mainly suits candidates who already use RPN.

Do I need the BA II Plus Professional, or is the standard model enough?

The standard BA II Plus is enough for all three CFA levels. The Professional adds a handful of functions (such as net future value and modified internal rate of return) that are convenient but not required. Both are permitted, so buy whichever you find at a better price.

Can I bring a second calculator to the CFA exam as a backup?

Yes. Bringing more than one permitted calculator is within the rules, and bringing both permitted models or two of the same one as a backup is a common precaution against a dead battery or a malfunction during the exam.

What happens if I bring the wrong calculator?

Your calculator is inspected before the exam begins. Using or even possessing an unauthorized calculator during the exam can result in your results being voided, so confirm your exact model against CFA Institute's current policy well before exam day.

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