Calculator Policy in CA and CFA Exams: Tips and Tricks for Effective Preparation
The use of calculators in professional accounting and financial exams is strictly regulated. In this article, we will discuss the calculator policies for the Chartered Accountant (CA) exam and the Chartered Financial Analyst (CFA) program, and provide tips and tricks to help you prepare effectively without relying on calculators.
CA Exam Calculator Policy
No calculators are allowed during the CA exam, which strictly prohibits their use in the examination center. However, extensive practice can significantly reduce your reliance on calculators. During my preparation, I utilized Physics Wallah, where teachers provided valuable tips and tricks to simplify mathematical calculations.
Physics Wallah also offered ample assignments and practice tests. These helped me understand the types of questions asked in the exam and provided ample practice opportunities. The tips and tricks I learned, such as those not found in textbooks, greatly enhanced my ability to solve problems quickly and accurately. I highly recommend dedicating time to practice and learn these techniques to solve problems without calculators.
CFA Exam Calculator Policy
The CFA Institute takes its calculator policy very seriously. You are only allowed to use two types of financial calculators during your CFA exam: the Texas Instruments BA II Plus (including BA II Plus Professional) and the Hewlett Packard 12C (including models such as the HP 12C Platinum 25th Anniversary, HP 12C Platinum 30th Anniversary, and HP 12C Prestige).
Unauthorized calculators can result in the suspension or termination of your candidacy in the CFA Program. The most commonly selected models are the TI BA II Plus Professional, which is preferred by the majority of candidates due to its cost-effectiveness and ease of use. However, it's important to choose a calculator that meets your individual preferences.
Pros and Cons of CFA Calculator Models
TI BA II Plus Professional: Pros: Includes a stats worksheet, which is cheaper than the HP 12C, and is considered to be intuitive. Cons: Some candidates might find it less advanced compared to the HP 12C models. HP 12C Platinum 25th Anniversary: Pros: More advanced features, although it has a higher price tag. Cons: Some candidates might find it less intuitive.Calculator Literacy Tips
To excel in the CFA exam, it's essential to familiarize yourself with your calculator. One crucial function to master is calculator memory. Here are the steps to store and recall numbers:
To store a number in memory cell no. 1: Use the [STO] key followed by 1. To recall a number from memory cell no. 1: Use the [RCL] key followed by 1. To add something to memory cell no. 1: Use the [STO] key, followed by the value you want to add, and then 1.For more detailed features and tips on the approved CFA exam calculators, you can visit our blog for comprehensive guides. We also offer tools and resources to help you get comfortable with your chosen calculator, such as specific tutorials for the TI BA II Plus and detailed guides on usage techniques.
Note: The reason we use TI BA II Plus Professional is because of its popularity among CFA candidates, not because of any endorsement or preference we have over other models.