Key facts
- The BA II Plus takes sums as you write them (chain or AOS order); the HP 12C uses reverse Polish notation with an ENTER key.
- The BA II Plus works with an annual rate and P/Y; the HP 12C works with the rate per period, using g 12÷ for monthly payments.
- Check P/Y on the BA II Plus before every problem: Texas Instruments’ knowledge base gives 12 as the starting value (1 on the Professional), but the current guidebook lists 1.
- For the returns 4, −2, 7, 3, the BA II Plus shows both standard deviations (3.74 and 3.24); the HP 12C shows the sample one and needs an extra step for the population one.
- Models from both families are on CFA Institute’s list (the Texas Instruments BA II Plus and BA II Plus Professional, and the HP 12C, 12C Platinum, 12C Platinum 25th anniversary edition, 12C 30th anniversary edition and 12C Prestige (check the official website)) and on GARP’s list (the Texas Instruments BA II Plus and BA II Plus Professional; the HP 12C, 12C Platinum, 12C Platinum 25th anniversary edition, 12C 30th anniversary edition and 12C Prestige; and the HP 10B II, 10B II+ and 20B (check the official website)).
Both calculators cover the time value of money, cash-flow, bond and statistics work you practise for Level I of the CFA® Program and Part I of the FRM® Exam. Choose the BA II Plus if you want to key in sums as you write them and work with an annual rate; choose the HP 12C if you already use RPN. Before your first practice set, change the displayed decimals and, on the BA II Plus, the payments per year. (Texas Instruments, BA II Plus guidebook) (HP, HP 12C user's guide)
You will press these keys thousands of times before exam day, so the choice is worth ten minutes now. This page sets out how the two families differ in daily use, shows the same three problems keyed into each, and lists the settings to change before you practise. Which exact models CFA Institute and GARP allow is on calculators allowed in the CFA® Program and the FRM® Exam; models from both families appear on both lists.
How do the BA II Plus and the HP 12C differ in daily use?
| Task | BA II Plus | HP 12C |
|---|---|---|
| Entering a sum | As you write it: 6 ÷ 4 =. Chain (Chn) works left to right; AOS does × and ÷ first | Reverse Polish notation: 6 ENTER 4 ÷ |
| Interest rate | I/Y is the rate per year; P/Y sets the payments per year | i is the rate per period; g 12÷ divides an annual rate by 12 |
| Solving for an unknown | CPT, then the key | The key alone, without keying in a number first |
| Negative numbers | +|- after the digits | CHS after the digits |
| Uneven cash flows | CF0 and up to 24 more | CF0 and up to 20 more, each repeated up to 99 times |
| Bonds between coupon dates | Bond worksheet with dates; actual or 30/360 day count, one or two coupons a year | PRICE and YTM with dates; semi-annual coupons on an actual/actual basis |
| Statistics | Up to 50 data points; linear, logarithmic, exponential and power regression; sample (Sx) and population (σx) standard deviation | Mean, sample standard deviation and linear estimation; the population figure needs an extra step |
| Memories | 10 (M0–M9) | Up to 20 data registers, fewer if you store programs |
| Internal precision | 13 digits | 10 digits |
Sources: the BA II Plus guidebook and TI’s knowledge base (Texas Instruments, calculator formats) (Texas Instruments, P/Y and C/Y), and the HP 12C user’s guide (HP, HP 12C user's guide). The decimals you see change only the display on both, never the value the calculator works with.
What does the same problem look like on each?
Three problems of the kind you practise for both exams, keyed in from a cleared calculator. The results come from the same code as our online financial calculator.
1. Monthly payment on a loan
200,000 over 300 months at 5% a year: the payment is 1,169.18 a month. The BA II Plus takes the annual rate and P/Y = 12; the HP 12C takes the monthly rate through g 12÷.
BA II Plus keystrokes
- 2ndCLR TVMSets N, I/Y, PV, PMT and FV to zero; P/Y and END/BGN stay as they were.
- 2ndP/Y12ENTER2ndQUITP/Y = 12 payments a year; this also sets C/Y to 12.
- 2ndBGN2ndQUITPayments at the end of each period: the display should show END. If it shows BGN, press 2nd SET before you quit.
- 300NN = 300 periods
- 5I/YI/Y = 5.00% a year
- 200000PVPV = 200,000.00
- 0FVFV = 0.00
- CPTPMTComputes PMT.
Display: PMT = −1,169.18
HP 12C keystrokes
- fCLEAR FINClears the financial registers n, i, PV, PMT and FV.
- gENDPayments at the end of each period: BEGIN is not shown.
- 300nn = 300 periods
- 5g12÷12÷ divides the annual 5.00% by 12 and stores it: i = 0.4167% per period.
- 200000PVPV = 200,000.00
- 0FVFV = 0.00
- PMTPress the key without keying in a number first: computes PMT.
Display: PMT = −1,169.18
2. NPV and IRR of uneven cash flows
Cash flows of −10,000, 3,000, 4,000, 5,000, 2,000 at 8% a period: NPV 1,646.35, IRR 15.32%.
BA II Plus keystrokes
- CF2ndCLR WORKOpens the cash-flow worksheet and clears it.
- 10000+|-ENTERCF0 = −10,000.00 (now).
- ↓3000ENTER↓C01 = 3,000.00, F01 = 1 (already set).
- ↓4000ENTER↓C02 = 4,000.00, F02 = 1 (already set).
- ↓5000ENTER↓C03 = 5,000.00, F03 = 1 (already set).
- ↓2000ENTER↓C04 = 2,000.00, F04 = 1 (already set).
- NPV8ENTER↓CPTI = 8.00% per period: NPV = 1,646.35.
- IRRCPTIRR = 15.3221% per period.
Display: NPV = 1,646.35, IRR = 15.32
HP 12C keystrokes
- fCLEAR REGClears all registers, including stored cash flows.
- 10000CHSgCF0CF0 = −10,000.00 (now).
- 3000gCFjCFj = 3,000.00.
- 4000gCFjCFj = 4,000.00.
- 5000gCFjCFj = 5,000.00.
- 2000gCFjCFj = 2,000.00.
- 8ifNPVi = 8.00% per period: NPV = 1,646.35.
- fIRRIRR = 15.3221% per period.
Display: NPV = 1,646.35, IRR = 15.32
3. Mean and standard deviation of returns
Returns of 4%, −2%, 7%, 3%: mean 3.00%, sample standard deviation 3.74%, population standard deviation 3.24%. Which one you need depends on whether the data are a sample or the whole population; the BA II Plus shows both, the HP 12C needs the extra step from its user’s guide (HP, HP 12C user's guide).
BA II Plus keystrokes
- 2ndDATA2ndCLR WORKOpens the data part of the Statistics worksheet and clears all X and Y values.
- 4ENTER↓↓X01 = 4. Y01 stays 1 (how often the value occurs); ↓ ↓ moves on to X02.
- 2+|-ENTER↓↓X02 = −2.
- 7ENTER↓↓X03 = 7.
- 3ENTERX04 = 3.
- 2ndSTAT2ndSETOpens the calculation part. Press 2nd SET until the display shows 1-V (one-variable statistics).
- ↓↓n = 4, then x̄ = 3.00.
- ↓↓Sx = 3.74 (sample), then σx = 3.24 (population).
Display: Sx = 3.74, σx = 3.24
HP 12C keystrokes
- fCLEAR ΣClears the statistics registers.
- 4Σ+Adds 4; the display counts the values: 1.
- 2CHSΣ+Adds −2; the display counts the values: 2.
- 7Σ+Adds 7; the display counts the values: 3.
- 3Σ+Adds 3; the display counts the values: 4.
- gx̄Mean: 3.00.
- gsSample standard deviation: 3.74.
- gx̄Σ+gsAdds the mean as one more value; s of the 5 values is the population standard deviation of the 4: 3.24.
- gx̄gΣ−Takes the extra value out again before you add more data.
Display: s = 3.74; with the extra step 3.24
Which settings should you change first?
Do this once, on the calculator you will take to the exam, and check it before every timed practice set.
| Setting | BA II Plus | HP 12C |
|---|---|---|
| Decimals shown | 2nd FORMAT, 4, ENTER, 2nd QUIT (default 2; 9 = floating) | f 4 (default 2) |
| Payments per year | 2nd P/Y, 1, ENTER, 2nd QUIT for annual problems; this also sets C/Y. Texas Instruments gives 12 or 1 as the starting value (see below), so check it | No such setting: key in the rate per period |
| Payments at the start or end | END by default; 2nd BGN, 2nd SET switches, and BGN shows in the display | g END or g BEG; BEGIN shows in the display |
| Order of operations | Chn by default; switch to AOS in the FORMAT menu if you prefer. 3 + 2 × 4 is 20 in Chn and 11 in AOS | Nothing to set: in RPN you choose the order as you key in |
| Date format | US (month-day-year) by default, European in the FORMAT menu | Month-day-year after a reset; g D.MY for day-month-year |
| Clearing before a problem | 2nd CLR TVM; CF, 2nd CLR WORK; 2nd DATA, 2nd CLR WORK | f CLEAR FIN; f CLEAR REG; f CLEAR Σ |
| Full reset | 2nd RESET, ENTER: clears the memories and worksheets and restores every default, P/Y included | Turn off, hold −, press ON: Pr Error, then two decimals, month-day-year and END |
P/Y matters most. Texas Instruments’ knowledge base gives 12 as the starting value on the BA II Plus and 1 on the BA II Plus Professional (Texas Instruments, P/Y and C/Y), while the current BA II Plus guidebook lists 1 (Texas Instruments, BA II Plus guidebook) – so look at P/Y after every reset instead of relying on a default. A BA II Plus left at 12 treats an annual problem as monthly and divides the rate by 12 – TI lists the wrong P/Y among the usual causes of an unexpected answer (Texas Instruments, signs and payment timing). Reset with care on both: a reset also clears what you stored.
Which mistakes are typical for each calculator?
- BA II Plus: old values in the worksheet. 2nd CLR TVM clears N, I/Y, PV, PMT and FV but not P/Y or BGN; the cash-flow and statistics worksheets need their own clear (Texas Instruments, BA II Plus guidebook).
- BA II Plus: signs. Money you pay out is negative, money you receive positive; TI names wrong signs among the usual causes of an unexpected answer (Texas Instruments, signs and payment timing).
- HP 12C: the annual rate in i. i is per period; for monthly payments use g 12÷, and for n in months g 12×.
- HP 12C: a computed n. It is rounded up to a whole number of periods, so it can differ from the exact answer (HP, HP 12C user's guide).
- Both: sample or population. Read whether the question gives a sample or the whole population before you take a standard deviation.
Which one should you choose?
| If you … | Usually fits |
|---|---|
| have never used a financial calculator | BA II Plus – sums go in as you write them |
| use an HP 12C at work | HP 12C – keep the logic you already trust |
| expect many statistics questions | BA II Plus – both standard deviations and four regression models in one worksheet |
| work mostly with monthly payments | Either – g 12÷ on the HP 12C, P/Y = 12 on the BA II Plus |
| might sit both exams one day | A model that is on both lists |
Whichever you choose, choose it early and practise every question on it. The time value of money calculator checks your answers, and the exam pace calculator tells you how many seconds each question allows.
What does this page cover?
- Last updated
- Based on
- The BA II Plus guidebook and Texas Instruments’ knowledge base
- The HP 12C user’s guide
- Our own calculations, with the code of our online financial calculator
- Includes
- How the two families differ, three worked problems with keystrokes for both, first settings and typical mistakes
- Not included
- Which exact models each exam allows (see our calculators page)
- Prices, and the extra functions of the Professional, Platinum and Prestige variants
BA II Plus is a trade mark of Texas Instruments, and HP is a trade mark of HP. The calculator names are used only to identify the models; neither company is connected with this page.
Frequently asked questions
Is the BA II Plus or the HP 12C better for the CFA® Program and the FRM® Exam?
Neither in general: both cover the time value of money, cash-flow, bond and statistics work you practise. The BA II Plus suits you if you want to key in sums as you write them; the HP 12C suits you if you already use RPN.
What should I set first on a BA II Plus?
Show four decimals with 2nd FORMAT, set P/Y to 1 for annual problems with 2nd P/Y (Texas Instruments gives 12 or 1 as the starting value, so check it), check that the display does not show BGN, and decide between the Chn and AOS order of operations.
What should I set first on an HP 12C?
Show four decimals with f 4, choose g END or g BEG for the payment timing, and set g D.MY if you write dates day-month-year. There is no P/Y: key in the rate per period, using g 12÷ for monthly payments.
How do I get the population standard deviation on an HP 12C?
After entering the data, press g x̄, then Σ+ to add the mean as one more value, then g s. Take it out again with g x̄ g Σ− before adding more data. The BA II Plus shows the population figure as σx.
Do the decimals I set change the answer?
No. On both calculators the setting changes only the display; the BA II Plus stores values to 13 digits and the HP 12C calculates with 10.
Can I switch calculators halfway through my preparation?
You can, but you lose the keystrokes you have practised. Choose early, check the model against your exam’s list, and practise every question on the calculator you will take into the exam.
Related tools and pages
Sources
- Texas Instruments: BA II PLUS Calculator guidebook: formats, values stored to 13 digits and the reset 2nd RESET ENTER (pp. 4–6); ten memories M0–M9 (p. 12); Time-Value-of-Money worksheet – defaults with P/Y and C/Y of 1, 2nd CLR TVM resets only N, I/Y, PV, PMT and FV, and entering P/Y also sets C/Y (p. 23); Cash Flow worksheet – CFo and up to 24 further cash flows, C01–C24 (pp. 42–43), and with several IRR solutions the one closest to zero is displayed (p. 46); Bond worksheet – ACT or 360 day count, one or two coupons a year (p. 52); Statistics worksheet – up to 50 data points, LIN, Ln, EXP, PWR and 1-V, sample (Sx) and population (σx) standard deviation (pp. 63–65). Accessed 30 October 2026.
- Texas Instruments: BA II PLUS guidebook: Setting Calculator Formats – decimal places DEC 0–9 (default 2, display only; 9 = floating decimal) and the calculation method Chn or AOS (default Chn). Accessed 30 October 2026.
- Texas Instruments: Solution 11262: Different P/Y and C/Y Settings on the BA II PLUS PROFESSIONAL and BA II PLUS. Accessed 29 October 2026.
- Texas Instruments: Solution 21590: Unexpected Answer Using the BA II PLUS and BA II PLUS PROFESSIONAL. Accessed 29 October 2026.
- Hewlett-Packard; copy kept by the HP Calculator Literature archive: HP 12C User's Guide (Edition 5, part number 0012C-90001): basic financial functions – n, i, PV, PMT, FV, BEG and END; a computed n rounded up, down only below 0.005 (p. 40); odd periods and the C indicator (p. 51); discounted cash flow analysis, CF0 and up to 20 further cash flows with Nj up to 99 (pp. 58–61), several IRR answers possible (p. 64; appendix B, p. 179); error conditions, Error 5 (p. 183); also the CLEAR keys (p. 18), RPN entry with ENTER (pp. 19–20), 20 data storage registers R0–R9 and R.0–R.9 (p. 23), date format D.MY or M.DY (p. 30), bond PRICE and YTM with semiannual coupons on an actual/actual basis (p. 66), Continuous Memory reset and the display format f 0–9 with calculations to 10 digits (pp. 70–71), mean, sample standard deviation and the step for the population standard deviation (pp. 77–79), linear estimation (p. 80), up to 99 program lines (p. 95) (April 2008). Accessed 30 October 2026.
- 300Hours (finance careers website, secondary source): Best CFA Calculator Guide: TI BA II Plus vs HP 12C (10 June 2026). Accessed 30 October 2026.
- CFA Institute: CFA Institute calculator policy.
- 300Hours (finance careers website, secondary source): FRM Exam Day Checklist: What to Bring to Exams (4 August 2026). Accessed 30 October 2026.
- Global Association of Risk Professionals (GARP): FRM Exam policies: deferral, ID, calculator and more.
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