Which is the Best Calculator for the CFA Exam?
I've also covered this topic on my blog CFA exam study notes, but here is a short summary:
Selecting a calculator to help you in the CFA exam is an individual choice. The right one will really help you, while the wrong choice will make things complicated very quickly. I recommend the Texas Instruments BA II Plus Professional, which I used with much success. It's also inexpensive compared to the HP calculator, and I find it very useful also beyond the CFA exam when I have to make a quick calculation at work.
These are the calculators allowed by CFA institute:
Texas Instruments BA II Plus (including BA II Plus Professional). Costs $28 on Amazon, the Professional model costs $40. I like the professional model, but you can also use the Plus model, it's equally good.
Hewlett Packard 12C (including HP 12C Platinum, 12C 25th anniversary edition, and 12C 30th anniversary edition), available for $60 on Amazon.
Here's what the different calculators look like:
Texas Instruments BA II Plus Professional
Texas Instruments BA II plus
HP 12c
The HP model is more expensive than the TI models and I find using it quite awkward. Some people, especially from technical fields are used to the HP from their university studies, so if that's the case with you, feel free to stick with it. But if you buy a calculator for the first time, then get the TI.
In level 1 of the CFA exam, the most common calculations you will need are NPV and IRR calculations. For this, the BA II plus is very intuitive, and I was able to use the calculator to my full advantage without ever even opening the manual. This calculator has a lot of statistical features also, things like standard deviation, which can be useful if you want to get that deep.
On the CFA exam, CFA Institute takes calculator policy very serious, so don’t think about using a different model than the ones suggested. i have seen people sent away from the exam because of this, so don't think you can get away with it.
The proctor will ask you to clear the memory of your calculator before the exam, so don't store anything that you could not remember or recreate later. In the exam, you can bring a spare battery and a small screwdriver to change the battery, so this may give you added peace of mind. I brought all of this with me, but luckily never used it.
The battery lasts a very long time. I have never changed in all levels of the CFA exam, and it still works like on day one. Some people bring two calculators, so just do that if it makes you feel better. You can also borrow a spare from a colleague who does not use his calculator any more.
I think that you will be very happy with either of the Texas Instruments models, they are both excellent. I chose the Professional because it looks and feels a little nicer, but the normal model is less expensive and offers almost the same features.