FRM Exam Calculator: The Models GARP Permits (2026)

FRM Exam Calculator: The Models GARP Permits

The FRM exam has a fixed calculator policy, and GARP does not bend it: only a short list of business calculators is allowed, and anything else means your exam is not graded. The good news is the list includes the cheap, common models most finance candidates already own.

I built FreeFellow's FRM practice bank so candidates can drill the quantitative work on real problems, and the calculator question is one of the first that comes up. Here is the full permitted list and which model to buy.

The calculators GARP permits for the FRM exam

GARP permits these models, and only these:

Hewlett Packard

HP 12C
HP 12C Platinum
HP 12C Platinum 25th anniversary edition
HP 12C 30th anniversary edition
HP 12C Prestige
HP 10B II
HP 10BII+
HP 20B

Texas Instruments

BA II Plus
BA II Plus Professional

GARP's policy is blunt about enforcement: there are no exceptions, and using a non-permitted calculator at any time during the exam means it will not be graded. Confirm your exact model and suffix against GARP's current policy before you sit.

BA II Plus: the most common FRM choice

Most FRM candidates use the Texas Instruments BA II Plus. It is user-friendly and well labeled, it handles the time value of money, cash flow (NPV and IRR), amortization, and discount-factor work the FRM exam leans on, and it is inexpensive. If you are choosing without a strong preference, this is the safe default.

The HP options

The HP 12C is the RPN classic: fast once mastered, but with a learning curve, so pick it only if you already use RPN. The HP 10BII+ is an algebraic-entry alternative with solid financial and statistics functions at a low price, and the HP 20B is a capable business model. All are permitted, so the choice comes down to which entry style and layout you prefer.

Which to buy

If you have no history with any of these, buy the BA II Plus. It is the most common FRM choice, it is cheap, and it doubles for the CFA, CFP, CAIA, and CMA exams if you plan to stack credentials. If you already think in RPN, the HP 12C will feel faster. Either way, the exam does not reward a pricier model, so buy the one you will learn best.

Exam-day rules

Only a permitted model is allowed, with no exceptions. A non-permitted calculator means the exam is not graded.
You may bring two units of the same permitted model as a backup.
Bring fresh batteries. A calculator dying during a timed exam is a preventable loss.

With the calculator settled, the work is practice. FreeFellow's FRM Part I and Part II question banks are free, so you can rehearse the quantitative keystrokes on real problems until the calculator is the last thing you have to think about.

Frequently Asked Questions

Which calculators does GARP permit for the FRM exam?

GARP permits the Hewlett Packard 12C (including the 12C Platinum, Platinum 25th anniversary, 30th anniversary, and 12C Prestige), the HP 10B II, the HP 10BII+, the HP 20B, and the Texas Instruments BA II Plus (including the BA II Plus Professional). No other model is permitted.

What is the best calculator for the FRM exam?

For most candidates, the Texas Instruments BA II Plus. It is user-friendly, the buttons are well labeled, and it handles time value of money, cash flows, NPV and IRR, amortization, and discount factors, all of which come up on the FRM exam. It is also affordable and permitted.

Can I use the same calculator for the CFA and FRM exams?

Yes. The Texas Instruments BA II Plus and the HP 12C are permitted on both exams, so one model covers both credentials. GARP additionally permits the HP 10B II, 10BII+, and 20B, which are not on the CFA list, but the BA II Plus is the simplest single choice for candidates doing both.

What happens if I bring a calculator that is not on GARP's list?

GARP's policy states there are no exceptions. If a candidate uses a calculator that is not authorized at any point during the exam, the exam will not be graded, so confirm your exact model against GARP's current policy before exam day.

Can I bring a backup calculator to the FRM exam?

Yes. GARP allows you to bring two units of the same permitted model. A backup is worth having, since a dead battery or a locked-up calculator during a timed risk exam is a costly problem you can prevent for the price of a spare.

What FRM Part I candidates are saying

“I came across FreeFellow through the FRM subreddit. I was hesitant about signing up, but I'm really glad I did. I especially loved the notes you created; I didn't expect them to be this clear and to the point. It will be my study buddy for both parts.”

Akshaya T.