CFA® Program Level I Guides
The BA II Plus for Level I of the CFA® Program: setup, worksheets, habits
By PreparaioEditorial team & sourcesUpdated
Many Level I questions involve a calculation, and your calculator is the only tool you get for them. Only two model families are allowed in the CFA® Program exam room, so the choice is simple; using it quickly and without slips takes practice.
This guide is independent educational content. Preparaio is not affiliated with, endorsed by, or reviewed by CFA Institute. Check the current calculator policy on the official CFA Institute pages and your manual for exact keystrokes.
Contents
Approved models and the rules around them
The calculator policy (last updated 12 January 2026) allows only these models. You must bring your own; borrowing one at the test centre or sharing during the exam is not allowed. Calculators are inspected, and using or carrying an unauthorised one voids your result, even if nobody noticed it on the day.
- Texas Instruments BA II Plus, including the BA II Plus Professional.
- Hewlett Packard 12C, including the 12C Platinum, the 12C Platinum 25th anniversary edition, the 12C 30th anniversary edition and the 12C Prestige.
BA II Plus or HP 12C?
Both are allowed and neither earns extra points. Many candidates choose the BA II Plus because it uses familiar algebraic entry, has clearly labelled worksheets, and much study material shows its keystrokes. The HP 12C works with Reverse Polish Notation; if you already use it fluently, there is little reason to switch. Pick one model early and stay with it.
Settings to check before you practise
A few settings decide whether a correct method produces the correct number. Check them once, then again before every mock.
- Decimals: show more decimal places (or a floating display) so rounding does not distort multi-step results.
- P/Y and C/Y: many candidates set payments per year to 1 and enter the per-period rate and number of periods directly.
- BGN/END: END for ordinary annuities, BGN for payments at the start of each period; switch back after use.
- Calculation method: the algebraic mode that follows the usual order of operations avoids surprises in longer expressions.
Clearing worksheets and memory
Worksheets keep their values until you clear them. A leftover payment or future value from the last question is a classic source of wrong answers, so clear the time-value and cash-flow worksheets before every new problem. In the exam room you must clear the calculator memory when instructed; not doing so counts as misconduct. If a reset restores default settings, re-enter your decimal and P/Y choices before Session 1.
Worksheets you will use most
Level I keeps returning to a small set of functions across Quantitative Methods, Corporate Finance, Fixed Income and Equities.
- Time value of money: N, I/Y, PV, PMT, FV for annuities, loans and bond prices.
- Cash flows with NPV and IRR for uneven cash-flow streams.
- Statistics: mean, standard deviation and simple regression from data lists.
- Interest conversion between nominal and effective rates; amortisation schedules.
- Basic keys: powers, logarithms, e^x, factorials and combinations.
Practice habits that save time
Use the exam calculator from your first study day, for every practice question, so the keystrokes become automatic. Keep a study sheet of the sequences you get wrong, and watch the sign convention: cash you pay out and cash you receive need opposite signs, and an error message often means they do not. Not every question needs the calculator; estimating first helps you spot an implausible result and rule out options. Carry fresh batteries on exam day.
Frequently asked questions
Can I use a different financial calculator?
No. Only the BA II Plus family and the HP 12C family listed in the calculator policy are allowed.
May I bring the manual or a spare battery?
Manuals are not allowed. Covers, keystroke cards, loose batteries and a small screwdriver for changing BA II Plus batteries are.
Is the BA II Plus Professional worth it?
Both versions are allowed. The standard model covers the typical Level I functions; choose the one you are comfortable with.
What if my calculator fails during the exam?
You cannot borrow one at the test centre, so bring fresh batteries and test it before you leave.
Sources & currency
- Exam version
- CFA® Program Level I, curriculum 2027 (from February 2027) (valid from )
- Editorial check
- Source check by the Preparaio editorial team ()
- Author
- Preparaio RedaktionEditorial team, fact-checking against official primary sources
- Reviewed by
- Source-checked by PreparaioSource comparison with the exam providers' own pages
- Fact-check status
- Checked against official primary sources ()
- Content version
- 2026-10-28
How we check: Every exam-relevant fact is compared with the exam providers' official pages (g.a.s.t./TestDaF-Institut, BAMF, ETS, IELTS Partners, telc). The check is editorial, supported by AI and automated test gates; it is not a review by certified examiners.
The hard exam facts in this article were verified against the official primary sources linked below on the date shown. This is not a review by an examination body and does not replace information from your test centre. Fees, dates and local procedures are set by the test centres themselves.
Official primary sources
- Calculator policy — CFA Institute · cfainstitute.org · official primary source · checked on
- Hardware and software — CFA Institute · cfainstitute.org · official primary source · checked on
- Exam misconduct and rules violations — CFA Institute · cfainstitute.org · official primary source · checked on
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