The Ultimate Calculator Showdown for CFA Candidates: TI BA II Plus vs HP 12C

Choosing the right financial calculator is one of the most important decisions you'll make as a CFA candidate. Your calculator will be your constant companion through hundreds of practice problems, mock exams, and ultimately the real thing. The two calculators approved by CFA Institute that dominate the market are the Texas Instruments BA II Plus (and BA II Plus Professional) and the HP 12C. But which one should you choose?

After extensive testing and feedback from thousands of CFA candidates, here's everything you need to know to make the right decision for your exam preparation.

The Contenders

Texas Instruments BA II Plus / BA II Plus Professional

Algebraic entry system (natural order)

Two-line display (Professional version)

More intuitive for most users

Widely used in business schools

HP 12C / HP 12C Platinum

Reverse Polish Notation (RPN) entry system

Single-line display

Legendary build quality

Preferred by many finance professionals

Learning Curve: Your First Hurdle

The most significant difference between these calculators is how you input calculations. The BA II Plus uses algebraic notation, which matches how you write equations on paper. To calculate 5 + 3, you simply press: 5 + 3 =

The HP 12C uses RPN, where you enter numbers first, then operations. The same calculation becomes: 5 [Enter] 3 +

For most CFA candidates, the BA II Plus offers a gentler learning curve. If you're already comfortable with basic financial calculators or scientific calculators from college, you can start working problems immediately. The HP 12C requires dedicated time to master RPN, which can feel counterproductive when you're eager to dive into CFA material.

However, HP 12C advocates argue that once you master RPN, it becomes faster and more intuitive for complex financial calculations. The question is whether you want to invest that upfront learning time.

Time Value of Money: The Core Functions

Both calculators excel at TVM calculations, which form the backbone of CFA Level 1. Here's how they compare for a typical bond valuation problem:

BA II Plus approach:

Clear worksheet: [2nd] [FV] (clears TVM)

Input values using labeled keys: N, I/Y, PV, PMT, FV

Compute unknown value

HP 12C approach:

Clear registers: [f] [CLX]

Input values using: n, i, PV, PMT, FV

Compute unknown with corresponding key

Both methods work efficiently once learned, but the BA II Plus labels (I/Y instead of just "i") provide helpful reminders during high-stress exam conditions.

Cash Flow Analysis: NPV and IRR

This is where differences become more pronounced. The BA II Plus offers a dedicated cash flow worksheet that many find more intuitive:

Access CF worksheet: [CF]

Input initial cash flow: CF0

Enter subsequent cash flows: C01, C02, etc.

Calculate NPV or IRR: [NPV] or [IRR]

The HP 12C requires more manual tracking of which cash flows you've entered, though experienced users often prefer its streamlined approach.

Statistical Functions

For CFA Level 1 statistics and Level 2 quantitative methods, both calculators provide regression analysis. The BA II Plus Professional's two-line display makes it easier to verify your inputs, while the HP 12C's single line requires more careful attention to avoid input errors.

Build Quality and Durability

The HP 12C has earned legendary status for its build quality. Many finance professionals use the same HP 12C for decades. The keys have a satisfying tactile feedback, and the calculator feels substantial in your hands.

The BA II Plus, while well-built, feels lighter and more plastic. However, it's perfectly durable for the 2-4 years most candidates need it, and replacement costs are significantly lower.

Display and User Interface

The BA II Plus Professional's two-line display is a game-changer for complex problems. You can see both your input and result simultaneously, making it easier to catch errors. The standard BA II Plus has a single-line display similar to the HP 12C.

The HP 12C's display, while single-line, provides clear information with helpful indicators for different modes and functions.

Speed and Efficiency

In practiced hands, both calculators perform similarly for most CFA calculations. The HP 12C's RPN can be faster for complex nested calculations, while the BA II Plus's algebraic entry matches how most people think about math problems.

For exam conditions, the BA II Plus often proves faster because there's less cognitive overhead in translating between your mental math and calculator input.

Price Considerations

The BA II Plus typically costs $30-40, while the Professional version runs $40-50. The HP 12C usually costs $60-80, with the Platinum version (faster processor, algebraic mode option) around $80-100.

For most CFA candidates, the price difference isn't the deciding factor, but it's worth noting that you can buy two BA II Plus calculators for the price of one HP 12C – useful for having a backup.

Professional Perception

In the finance industry, both calculators are widely accepted. The HP 12C carries some additional prestige, particularly in investment banking and institutional finance. However, this shouldn't influence your CFA exam preparation choice – focus on what helps you perform best during the exam.

The Verdict: Which Should You Choose?

Choose the TI BA II Plus (Professional) if:

You want to start practicing problems immediately

You prefer seeing your inputs and calculations clearly

You're new to financial calculators

You want the most straightforward path to exam success

Budget is a consideration

Choose the HP 12C if:

You're willing to invest time learning RPN upfront

You plan to use the calculator professionally long-term

You prefer the build quality and tactile experience

You're already familiar with HP calculators

You enjoy mastering tools that have a steeper learning curve

Final Recommendations

For most CFA candidates, especially those taking Level 1, the TI BA II Plus Professional offers the best combination of functionality, ease of use, and value. The two-line display alone can prevent costly errors during the exam, and the intuitive interface lets you focus on learning CFA concepts rather than calculator mechanics.

That said, if you have 4-6 weeks to dedicate to mastering the HP 12C before starting serious CFA prep, it's an excellent long-term investment. Many candidates who choose the HP 12C become passionate advocates once they've mastered RPN.

Whichever calculator you choose, buy it early in your preparation and use it exclusively for all practice problems. Familiarity and muscle memory are crucial for exam success. Consider buying a backup calculator as well – the small additional cost provides valuable peace of mind.

Remember, both calculators are capable of handling every calculation you'll encounter on the CFA exam. Your success will depend far more on understanding the underlying concepts than on which calculator sits on your desk. Choose the one that feels right to you, learn it thoroughly, and then focus your energy on mastering the CFA curriculum.