Key facts
- CFA Institute allows only these calculators in CFA® Program exams: 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).
- GARP allows only these calculators in the FRM® Exam: 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).
- In a CFA® Program exam, using or having a calculator that is not on the list during the exam can make your results null and void (check the official website).
- In the FRM® Exam, using a calculator that is not on the list at any time during the exam means your exam is not graded (check the official website).
- Phone and online calculators, including the one on this site, are on neither list.
- On the BA II Plus, P/Y and C/Y start at 12; on the BA II Plus Professional they start at 1.
CFA Institute allows only 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) in CFA® Program exams. GARP allows only 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) in the FRM® Exam. No other calculator is allowed in either exam. Both lists were read on 30 October 2026 from dated secondary sources; the link after each list leads to the exam body's own policy page, which is the one that counts.
So the real question is not whether you need a financial calculator, but which of a handful of models you will practise on for the next few months. This page sets the two lists side by side, explains what happens with any other calculator, and helps you choose and set up the one you will use on the day.
Which calculator models does each exam allow?
The table is built from the two lists above, model by model. "Yes" means the model is on that exam's list; "No" means it is not. If a list changes, the table changes with it.
| Model | CFA® Program (check the official website) | FRM® Exam (check the official website) |
|---|---|---|
| Texas Instruments BA II Plus | Yes | Yes |
| Texas Instruments BA II Plus Professional | Yes | Yes |
| HP 12C | Yes | Yes |
| HP 12C Platinum | Yes | Yes |
| HP 12C Platinum 25th anniversary edition | Yes | Yes |
| HP 12C 30th anniversary edition | Yes | Yes |
| HP 12C Prestige | Yes | Yes |
| HP 10B II | No | Yes |
| HP 10B II+ | No | Yes |
| HP 20B | No | Yes |
| Any other calculator: scientific, graphing, phone or online | No | No |
The lists differ only at the edges. On the FRM® Exam list but not on the CFA® Program list: HP 10B II, HP 10B II+, HP 20B. If you might sit the other exam one day, a model with "Yes" in both columns saves you from learning new keystrokes later.
Check the exact model name printed on the calculator, not just the family. The variants of one family can look alike, and only the models on the list count.
What happens if you bring a calculator that is not on the list?
In a CFA® Program exam, using or having a calculator that is not on the list during the exam can make your results null and void (check the official website). In the FRM® Exam, using a calculator that is not on the list at any time during the exam means your exam is not graded (check the official website).
That makes the calculator something to settle early, not in the last week. Buy the model you will use, check its name against the list, and bring it to every timed practice session. Plan as if no spare will be available at the test centre: bring your own, with a battery you trust.
Which calculator should you choose?
The choice usually comes down to the BA II Plus or the HP 12C: they are the two families on the CFA® Program list, and both are on the FRM® Exam list too. Both solve the same time value of money, cash-flow and bond problems (Texas Instruments, TVM keys) (HP, HP 12C user's guide); they differ in how you enter them. Start from your situation:
| If you … | Usually fits | Why |
|---|---|---|
| might sit both exams, now or later | A model with "Yes" in both columns above | You learn one set of keystrokes and keep it. |
| are new to financial calculators | BA II Plus or BA II Plus Professional | You key in 6 ÷ 4 = as you would write it. The default method, chain (Chn), works strictly left to right; AOS does multiplication and division first (Texas Instruments, calculator formats). |
| already use an HP 12C at work, or like RPN | An HP 12C from the list | Reverse Polish notation: 6 ENTER 4 ÷. You keep a logic you already trust (HP, HP 12C user's guide). |
| sit only the FRM® Exam and already own an HP 10B II+ or 20B | Keep it, if the table shows "Yes" for the FRM® Exam | Check the CFA® Program column before you count on it for a later CFA® Program exam. |
| want room for long, uneven cash flows | BA II Plus | Its cash-flow worksheet holds CF0 and up to 24 more flows (Texas Instruments, BA II Plus guidebook); the HP 12C holds CF0 and up to 20, each repeatable up to 99 times with Nj (HP, HP 12C user's guide). |
One difference between the two BA II Plus versions matters from day one: by default, P/Y and C/Y are 12 on the BA II Plus and 1 on the BA II Plus Professional (Texas Instruments, P/Y and C/Y). Neither setting is wrong, but you need to know which one you have.
How should you set up your calculator before you practise?
Do this once, then check it before every practice session and on the morning of the exam.
- BA II Plus: show more decimal places. Press 2nd FORMAT, key in 4 (or 9 for a floating decimal), ENTER, then 2nd QUIT. The default is 2, and the setting changes only what you see, not the precision of the calculation (Texas Instruments, calculator formats).
- BA II Plus: choose the calculation method. In the same FORMAT menu, scroll down to Chn and press 2nd SET to switch to AOS. With Chn, 3 + 2 × 4 gives 20; with AOS it gives 11 (Texas Instruments, calculator formats). Pick one and stay with it.
- BA II Plus: set P/Y on purpose. Press 2nd P/Y, key in 1 for annual problems, ENTER, then 2nd QUIT. This sets C/Y to the same value, and 2nd CLR TVM does not change it (Texas Instruments, P/Y and C/Y).
- HP 12C: enter the rate per period. The HP 12C has no P/Y. For monthly payments, key in the annual rate and press g 12÷; for payments at the start of each period press g BEG, and BEGIN shows in the display (HP, HP 12C user's guide).
- Both: clear before every problem. 2nd CLR TVM on the BA II Plus resets N, I/Y, PV, PMT and FV but leaves P/Y and BGN as they were (Texas Instruments, BA II Plus guidebook); on the HP 12C, f CLEAR FIN clears the financial registers.
Our online financial calculator shows the keys for both models next to each result, so you can check your own keystrokes while you learn them.
A four-week routine to get fluent
Fluency comes from short, regular sets rather than one long session. This routine is our suggestion, not a requirement: 10 to 15 minutes a day, alongside your normal study.
| Week | Focus | What to do |
|---|---|---|
| 1 | Settings and the time value of money | Set decimals, P/Y and the method. Solve for each of N, I/Y, PV, PMT and FV; check answers with the time value of money calculator. |
| 2 | Cash flows | NPV and IRR with uneven flows. Clear the worksheet every time, and enter a repeated flow once with its count. |
| 3 | Bonds and mixed sets | Price and yield on a coupon date, then sets that mix the time value of money, cash flows and bonds. |
| 4 | Speed | Timed sets at exam pace – the exam pace calculator gives the minutes per question – with every keystroke from memory. |
Which calculator mistakes are common?
- Buying a model that is on one list only and then switching exams. Check both columns before you buy.
- Practising on a phone or an online calculator and moving to the real one late. Neither is on either list, and the keystrokes differ.
- P/Y left at 12 on a BA II Plus for an annual problem: the calculator then uses a twelfth of the rate per period.
- Forgetting the calculation method. 3 + 2 × 4 is 20 in Chn and 11 in AOS.
- Old values left in memory from the last problem. Clear first, every time.
- A second calculator you have never used. If you keep a spare, make it the same model and practise on it too.
What this means for you
Choose once and choose early. Check the exact model against the list for your exam, set it up the same way every time, and use it for every practice question until the keystrokes are automatic. Then the calculator is one less thing to think about on the day. If you are preparing for Level I, our CFA® Program Level I course and our FRM® Exam Part I course give you worked questions to practise on; they complement the exam bodies' own material and do not replace it.
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
Which calculators are allowed in CFA® Program exams?
Only 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). No other calculator is allowed.
Which calculators are allowed in the FRM® Exam?
Only 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).
Can I use an HP 10B II+ in a CFA® Program exam?
No. It is not on CFA Institute's list, which allows only 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).
What happens if I use a calculator that is not on the list?
In a CFA® Program exam, using or having a calculator that is not on the list during the exam can make your results null and void (check the official website). In the FRM® Exam, using a calculator that is not on the list at any time during the exam means your exam is not graded (check the official website).
Should I buy the BA II Plus or the HP 12C?
If you might sit both exams, choose a model that is on both lists. Then choose by how you like to enter calculations: the BA II Plus takes 6 ÷ 4 = as you would write it, the HP 12C uses RPN (6 ENTER 4 ÷). For long, uneven cash flows the BA II Plus holds CF0 and up to 24 more; the HP 12C holds CF0 and up to 20, each repeatable up to 99 times.
What should I set on a BA II Plus before the exam?
Set the decimal places with 2nd FORMAT (the default is 2, and it changes only the display), decide between the Chn and AOS calculation methods, and set P/Y with 2nd P/Y – it starts at 12 on the BA II Plus and at 1 on the Professional.
Can I use an online financial calculator in the exam?
No. Phone and online calculators are on neither list. Use them to check your keystrokes while you study.
Related tools and pages
Sources
- Texas Instruments: Solution 11254: Time Value of Money Functions (TVM) on the BA II PLUS and BA II PLUS PROFESSIONAL. Accessed 29 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: 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.
- 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.
- UWorld Finance (exam prep provider, secondary source): CFA® Exam Calculators. Accessed 30 October 2026.
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