Two calculators cover almost every finance exam that lets you bring one: the Texas Instruments BA II Plus and the HP 12C. Between them they cover the CFA, FRM, CFP, CAIA, CMA and the actuarial exams, so if you already own one, you're almost certainly set. The CPA, FINRA Series and Enrolled Agent exams don't let you bring a calculator at all.
I sat a stack of these exams before building FreeFellow, and the calculator question came up before every one of them.
The BA II Plus is the default for most candidates. The keys are clearly labeled, the time value of money and cash flow functions are simple, it's permitted on nearly every bring-your-own exam, and it costs under 40 dollars. The BA II Plus Professional adds a few functions and is allowed everywhere the standard model is, except on the CMA. The HP 12C is the classic. Its RPN (reverse Polish notation) entry is faster once it clicks but takes a while to learn, and it's permitted on the CFA, FRM, CAIA, CFP and CMA exams. If you've never used either, buy the BA II Plus, since it's cheaper, easier to learn and works on more exams.
Exams where you bring your own
These exams make you bring a calculator from their permitted list, and an off-list model can void your result, so check your exact model against the current policy before exam day.
| Exam | What you can bring |
|---|---|
| CFA (Levels I, II, III) | Only two model families: BA II Plus (and BA II Plus Professional), or HP 12C (and its Platinum, Prestige, and anniversary editions). CFA Institute permits nothing else. |
| CAIA (Levels I, II) | The same two families CFA allows: BA II Plus (and Professional), or HP 12C (and its Platinum, Prestige, and anniversary editions). CAIA doesn't allow a spare, cover, or keystroke card in the room. |
| FRM (Parts I, II) | GARP permits a slightly wider list: the HP 12C family, HP 10B II, HP 10BII+, HP 20B, plus the BA II Plus and BA II Plus Professional. |
| CFP | A battery-powered, non-programmable, dedicated financial calculator. CFP Board bans anything programmable or with an alphabetic keyboard. Common legal picks: HP 10bII+, HP 12C, BA II Plus. |
| CMA (Parts 1, 2) | A non-programmable model, six functions maximum: BA II Plus (Financial version, not the Professional), HP 10bII, HP 10bII+, HP 12c, or HP 12c Platinum. |
| Actuarial (SOA and CAS: P, FM, FAM, SRM, PA, ALTAM, ASTAM, MAS-I, MAS-II) | A short SOA and CAS list: BA-35, BA II Plus, BA II Plus Professional, TI-30Xa, TI-30X II (IIS or IIB), and the TI-30X MultiView (XS or XB). |
The standard BA II Plus is on every row, so one purchase covers the CFA, FRM, CFP, CAIA, CMA and actuarial exams. Just don't buy the Professional if the CMA is in your plans.
Exams that give you a calculator
Three of the biggest exams ban personal calculators and give you one inside the testing software instead:
- The CPA exam gives you an on-screen calculator in every section, plus a spreadsheet tool in the task-based simulations. The on-screen calculator works left to right and doesn't follow order of operations, so 2 + 3 x 4 returns 20, not 14.
- The FINRA Series exams (SIE, Series 6, 7, 63, 65, 66, 79) give you a basic non-programmable calculator at the test center, and a four-function calculator on screen if you test online.
- The Enrolled Agent (EA) exam has an on-screen calculator that works like the standard Windows calculator, available on every question.
For these, practice with an on-screen or basic four-function calculator so exam day feels familiar. Exams that give you a calculator has the details.
If you sit more than one credential
If you're stacking credentials, like the CFA and then CAIA, the BA II Plus covers the whole path. On the actuarial path, carry two: the TI-30X MultiView fits Exam P better and the BA II Plus fits Exam FM better, both are on the SOA and CAS list, and bringing both is common. If you're set on RPN, the HP 12C covers the CFA, CAIA, FRM, CFP and CMA, but not the actuarial exams, where only the TI-30X and BA-series models are on the list.
Whichever calculator you end up with, the keystrokes to drill are TVM, cash flows and amortization. FreeFellow's practice questions are free for every one of these exams, so you can drill them on real problems and stop thinking about the calculator well before exam day.