What the exam allows
CFA Institute's calculator policy, updated 12 January 2026 and read 3 Oct 2026, names two families of calculator: the "Texas Instruments BA II Plus (including BA II Plus Professional)" and the "Hewlett Packard 12C (including the HP 12C Platinum, 12C Platinum 25th anniversary edition, 12C 30th anniversary edition, and HP 12C Prestige)". It says: "Calculator covers, keystroke cards, and loose batteries are permitted in the testing room; instruction manuals are not." Your calculator is inspected before the exam starts, and "use or possession of an unauthorized calculator during the administration of the exam will result in your exam results being voided".
This page covers the BA II Plus, which most candidates choose for its direct keys. The HP 12C does the same work in reverse Polish notation, which some people prefer and which takes longer to learn. CFA Institute's own calculator guide covers both.
Set it up once
Do these on the day you buy it, and again if you ever reset it. They survive switching off.
| Task | Keys | Note |
|---|---|---|
| Show four decimal places | 2NDFORMAT4ENTER2NDQUIT | The default is two, which rounds away answers in rate questions. |
| One period a year | 2NDP/Y1ENTER2NDQUIT | The default is 12. With P/Y at 1 you enter the period rate and the number of periods yourself, which is how exam questions are written. C/Y follows P/Y. |
| Algebraic order of operations | 2NDFORMAT↓↓↓↓2NDSET | Shows AOS instead of Chn, so 2 + 3 × 4 gives 14, not 20. |
| End-of-period payments (ordinary annuity) | 2NDBGN2NDSET | Toggles between END and BGN. The display shows BGN when begin mode is on. Most exam questions want END. |
| Reset everything to factory | 2NDRESETENTER | Also resets the three settings above, so redo them. |
Clearing
| Task | Keys | Note |
|---|---|---|
| Clear the time value of money registers | 2NDCLR TVM | Do this before every TVM question. A leftover PMT is the commonest wrong answer. |
| Clear the current worksheet | 2NDCLR WORK | Inside CF, DATA, BOND or any other worksheet. |
| Clear the display and the pending operation | CE/C | |
| Leave a worksheet | 2NDQUIT |
Time value of money
Enter what you know, compute what you do not. Money you pay out is negative; money you receive is positive.
| Task | Keys | Note |
|---|---|---|
| Enter the five values | NI/YPVPMTFV | Type the number, then press the key. I/Y is a percentage, so 8 means 8%. |
| Compute the unknown | CPTthen the key | For example CPT then PV. |
| Annuity due (payments at the start) | 2NDBGN2NDSET | Set BGN, compute, then set it back to END. |
| Change sign | +/− |
Cash flows: NPV and IRR
For uneven cash flows. CF0 is today, C01 the first period, F01 how many periods in a row that flow repeats.
| Task | Keys | Note |
|---|---|---|
| Open and clear the worksheet | CF2NDCLR WORK | |
| Enter the flows | CF0ENTER↓C01ENTER↓F01ENTER↓… | Type the value before ENTER. Use +/− for an outflow. |
| Net present value | NPVIENTER↓CPT | I is the discount rate as a percentage. |
| Internal rate of return | IRRCPT | |
| Net future value and MIRR (Professional only) | NPV↓↓CPT | The Professional model adds NFV, payback and MIRR below NPV. The standard model does not have them. |
Statistics
Mean, standard deviation and a two-variable regression line.
| Task | Keys | Note |
|---|---|---|
| Enter the data | 2NDDATA2NDCLR WORKX01ENTER↓Y01ENTER↓… | For one variable, leave each Y at 1, or enter frequencies as Y. |
| Choose the method | 2NDSTAT2NDSET | Cycles through LIN, Ln, EXP, PWR and 1-V. Use 1-V for one variable, LIN for a regression line. |
| Read the results | ↓↓… | n, the mean, Sx (sample) and σx (population) follow in turn. LIN adds the intercept a, slope b and correlation r. |
Amortisation, bonds and interest conversion
| Task | Keys | Note |
|---|---|---|
| Amortisation schedule | 2NDAMORTP1ENTER↓P2ENTER↓ | After a TVM loan calculation. Shows BAL, PRN and INT for payments P1 to P2. |
| Bond price or yield | 2NDBOND | Enter SDT, CPN, RDT, RV, choose ACT or 360 and 2/Y or 1/Y, then enter YLD and CPT PRI, or PRI and CPT YLD. Dates go in as MM.DDYY. |
| Nominal to effective rate | 2NDICONVNOMENTER↓C/YENTER↑CPT | Or enter EFF and compute NOM. |
| Depreciation | 2NDDEPR | SL, SYD or DB. Enter LIF, M01, CST, SAL, then YR, and read DEP, RBV and RDV. |
Powers, roots, logs and memory
| Task | Keys | Note |
|---|---|---|
| Power | yyˣx= | |
| nth root | yyˣn1/x= | A root is a fractional power. |
| Natural log and e to a power | LN | For e to the x, press 2ND then LN. |
| Factorial and combinations | 2NDx! | Combinations and permutations are 2ND nCr and 2ND nPr. |
| Store and recall | STO0 to 9RCL0 to 9 |
Habits that save marks
- Clear TVM before every question. Not the display, the registers.
- Check the sign of your answer against sense. A present value you pay should be negative.
- Keep I/Y and N in the same period. Monthly payments mean a monthly rate and months.
- Glance at the display flags: BGN means begin mode is on, and DEC and the number of places are in FORMAT.
- Use the calculator in every practice session, so that on the day your hands know it.
Sources
- CFA Exam Calculator Policy, CFA Institute, read 3 Oct 2026.
- Mastering Your Calculator for the CFA Exam: A Guide to the BA II Plus and HP 12C, CFA Institute, read 3 Oct 2026.
- The Texas Instruments BA II Plus guidebook, for the key names and worksheet order.
PrepProviders research. Published 3 Oct 2026.
Quick answers
Which calculators are allowed in the CFA exam?
CFA Institute's calculator policy, updated 12 January 2026, allows only the Texas Instruments BA II Plus, including the BA II Plus Professional, and the Hewlett Packard 12C, including the Platinum, the 25th and 30th anniversary editions and the Prestige. Using or possessing any other calculator in the exam voids your result.
Can I bring a second calculator or spare batteries?
The policy permits calculator covers, keystroke cards and loose batteries in the testing room, and a small screwdriver to change the BA II Plus batteries. Instruction manuals are not permitted. CFA Institute's own calculator guide suggests bringing a backup calculator, since both approved models are allowed.
BA II Plus or BA II Plus Professional?
Either is allowed. The Professional adds net future value, payback and modified internal rate of return in the cash flow worksheet and has a sturdier case. Everything in the CFA curriculum can be done on the standard model.
Should I set the BA II Plus to AOS?
Yes, if you type expressions in one go. In the default Chn mode the calculator works left to right, so 2 + 3 × 4 gives 20. In AOS it follows the usual order and gives 14.
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