Preparing for the CFA Program exam involves more than mastering the curriculum. Adherence to specific guidelines set by the CFA Institute is crucial to avoid unnecessary stress on exam day. Among these guidelines, two requirements stand out: a valid travel passport and an approved calculator. Let's dive into why these are essential and guide you on selecting the right calculator.
Key Takeaways:
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- A valid international travel passport is mandatory for CFA exam entry — national IDs and driver's licenses are not accepted.
- Only two calculator models are approved: Texas Instruments BA II Plus and Hewlett Packard 12C (including their variants).
- Each CFA level permits a maximum of six lifetime attempts, with at most two sittings per calendar year and no consecutive windows.
Passport: A Non-Negotiable Requirement
Every CFA candidate must present a valid international travel passport to sit for the exam. Without it, you will be denied entry to the exam venue. National identity cards, driver's licenses, or any other forms of identification are not acceptable. The CFA Institute's emphasis on a passport ensures uniformity and avoids discrepancies across its global candidate base.
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- It must be valid on your exam day.
- The name on your passport must exactly match the name registered with the CFA Institute.
- Ensure that your passport is in good condition, with no significant damage or missing pages.
The Approved Calculators
Only two calculator models are authorized for use during CFA exams:
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- Texas Instruments BA II Plus (including the BA II Plus Professional)
- Hewlett Packard 12C (including the HP 12C Platinum, 12C Platinum 25th Anniversary Edition, 12C 30th Anniversary Edition, and HP 12C Prestige)
⚠️ Important
This is one of those CFA exam-day requirements that you must treat as non-negotiable. Bringing a non-approved calculator will result in it being confiscated, leaving you without this critical tool during the exam.
Which Calculator Should You Buy?
Both calculators are reliable and have been the go-to options for CFA candidates for years. Here's a quick comparison to help you decide:
| Feature | Texas Instruments BA II Plus | Hewlett Packard 12C |
|---|---|---|
| Interface | User-friendly interface | Reverse Polish Notation (RPN) for faster input |
| Best For | Finance and accounting courses | Professionals in finance and banking |
| Key Functions | Cash flow analysis, NPV, IRR, bond calculations | RPN for faster calculations once mastered |
| Build Quality | Standard, reliable | Robust build with long lifespan |
| Design | Functional design | Elegant and compact design |
| Price | Affordable and easily available | Premium pricing |
| Ideal For | Candidates who prioritize ease of use and quick calculations | Candidates comfortable with RPN or prefer premium look |
Where to Buy?
These calculators are readily available on e-commerce platforms and in local electronic stores. Be cautious about counterfeits and ensure you purchase from a reliable source.
Attempts, Spacing, and Scheduling Rules
Each level permits a maximum of six lifetime attempts, and attempts include partially completed sittings where only one session is finished. Candidates may test at most twice per calendar year (when applicable) and not in consecutive windows or windows less than six months apart, which requires careful planning of bookings, reschedules, and withdrawals to avoid forfeitures.
| Rule | Details |
|---|---|
| Maximum Attempts per Level | 6 lifetime attempts (includes partial sittings) |
| Attempts per Calendar Year | At most 2 sittings (when applicable) |
| Window Spacing | No consecutive windows; minimum 6 months apart |
Know Deferral and Refund Options in Advance
Refunds for the CFA Program are tightly time-boxed; a full refund of enrollment and registration fees is typically available only within 14 days of purchase, after which fees are non-refundable under the standard policy. CFA's deferral policy includes pathways for paid or emergency options with documentation and deadlines; terms evolve, so checking the current policy and knowledge articles before scheduling mitigates financial and timing risks.
📝 Note
Deferral and refund policies evolve over time. Always check the current CFA Institute policy and knowledge articles before scheduling your exam to avoid unexpected financial losses.
Tips for Exam Day
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- Carry a spare battery or an additional calculator (if feasible) to avoid disruptions during the exam.
- Familiarize yourself with your calculator's functions well in advance. Practice solving exam-style questions using the same calculator to enhance efficiency.
- Double-check that you have packed your passport and calculator the night before the exam.
Conclusion
While the curriculum and practice take center stage in your CFA journey, these logistical aspects are equally important. Ensure you have your valid international travel passport and the approved calculator ready well before exam day. Choosing the right calculator depends on your preferences, but rest assured, either option will serve you effectively.
🎥 Video Guide
Need a walkthrough on selecting your calculator or tips to ace the CFA exam? Watch our video guide on "Which Calculator to choose for CFA/FRM exams?" to get a definitive idea.
💡 Pro Tip
Purchase your calculator early and practice with it throughout your preparation. This builds muscle memory and ensures you're comfortable with all functions on exam day.
F A Qs :
Q: Is a passport mandatory, and can national IDs be used for check-in?
A: Yes — only a valid, original, unexpired, machine-readable international travel passport matching the CFA account name is accepted; national IDs and driver's licenses are not valid for the CFA Program.
Q: How many times can each level be attempted, and can adjacent windows be booked?
A: Each level allows up to six attempts, with no consecutive or sub-six-month windows and at most two sittings per calendar year when applicable.
Q: What is the session length and format for Level I, and how do Level II/III differ?
A: Level I uses two sessions of approximately 135 minutes with three-option multiple-choice items, while Levels II/III formats and timing are detailed in the exam overview hub.
Q: What refund or deferral options exist if plans change close to the exam?
A: Refunds are typically available only within 14 days of purchase; paid and emergency deferrals exist with documentation and deadlines, so consult current policies and knowledge articles before scheduling.
Q: Is the exam conducted in English only, and what does that imply for preparation?
A: The CFA exam is delivered in English worldwide, so preparation should prioritize English reading and response fluency with practice under exam-style timing and phrasing.