Q. I just enrolled in the CFA Program. When I received my Study Guide, I saw that there are only two calculators I'm allowed to use. This is an archaic rule that has no basis except to impose restrictions on candidates. Why can't I use my HP17B2?
The calculator policy was developed in response to two major concerns. First, the old policy was ineffective in practice. Candidates were sometimes confused by the old policy and asked that AIMR provide a short list of approved calculator models. In addition, proctors spent significant amounts of time on exam day reviewing the hundreds of different calculator models candidates brought with them. This resulted in long delays in examination starting times, especially at large test centers. Because proctors must perform many important tasks in a timely fashion on exam day, AIMR believed that the calculator policy should be simple and easy to enforce. Second, many calculators, such as the HP17B2, have text-storing capabilities. Candidates could bring text stored in the calculator into the examination room, creating an unfair situation. By adopting a policy of permission (defining what a candidate may use) rather than a policy of omission (attempting to describe what the candidate may not use), AIMR can more easily protect the integrity of the CFA examination. It is standard practice of many professional testing bodies to provide a short list of permissible models. In the current policy, the HP model is available for candidates who prefer reverse polish notation entry, and the TI model is for those who prefer algebraic notation entry. Both of the models approved for use on the CFA examinations are available for sale worldwide and are relatively inexpensive. In short, the policy was developed to create a level playing field for all candidates. Please note that AIMR does not sell calculators, nor does AIMR receive any financial remuneration from sales of either calculator model.
Q. I have to use a screwdriver to replace the batteries in my new Texas Instruments BAII Plus calculator. Will I be allowed to do this during the examinations if my battery dies?
If your calculator requires the use of a screwdriver to replace batteries, you may bring one and keep it in your pocket or in a clear plastic bag until you need to use it. However, AIMR advises you to place fresh batteries in your calculator(s) on the day before the examinations. Replacing batteries during the examinations will use valuable testing time. You may also bring more than one of the approved calculators to the examinations.
Q. There is a problem with using the HP 12C calculator to do some time value of money calculations. Should I be concerned that the HP 12C automatically rounds up when computing the time required to accumulate a given future value?
AIMR is aware that the HP 12C rounds up when computing the time required to accumulate a
certain sum. We have taken that into consideration in the creation of questions and in the grading
process.
