Perhaps you’re about to give the Certified Financial Planner (CFP) and are unsure which calculator to invest in for your help. When preparing for the CFP exam, the choice of financial calculator is not just about preference but also about compliance with the standards set by the CFP Board. The right calculator can make a significant difference in the efficiency and accuracy of your calculations during the exam. Keep reading as we delve into the best financial calculator for the CFP exam and what calculators are allowed on the CFP exam.
If you want to just get back to studying, get our top pick for financial calculator for CFP exam here.
Our Favorites for Best Financial Calculator for CFP Exam
After extensive research and consideration, we’ve identified several calculator models that stand out for their functionality, ease of use, and approval by the CFP Board.
Texas Instruments BA II Plus
The Texas Instruments BA II Plus is a popular choice among finance professionals and students. Known for its comprehensive range of financial functions, this calculator is designed to handle both basic and advanced mathematical operations effortlessly.
What Makes It Unique:
- The color-coded keypad and worksheet mode are standout features, simplifying navigation and calculations.
- It’s capable of handling a wide range of financial functions, from basic math to complex calculations like cash-flow analysis.
- Users appreciate the intuitive design with distinct colored keys, which helps in quick learning and ease of use during high-pressure exam settings
Why Choose This Best Financial Calculator:
- The calculator’s intuitive design is perfect for students who need a reliable tool that can cover both their learning and exam requirements.
- Its distinct keypad design facilitates quick learning, an essential aspect for students under exam conditions.
- The TI BA II Plus can perform cash-flow analysis using NPV and IRR for up to 24 uneven cash flows, making it highly versatile for financial calculations.
- Solves time-value-of-money calculations such as annuities, mortgages, leases, savings, and more
- Performs cash-flow analysis for up to 32 uneven cash flows with up to 4-digit frequencies
- Calculates various financial functions: Net Future Value Net present Value Modified Internal Rate of Return Internal Rate of Return Modified Duration Payback Discounted Payback
Last update: 2024-05-02
HP 17BII+ Financial Calculator
The HP 17BII+ is highly regarded among finance students and experts and is popular for its versatility and robust functionality. This calculator has been designed as suitable for various financial, algebraic, and basic computational tasks.
What Makes It Unique:
- Its impressive array of over 250 functions and advanced features like list-based cash flow analysis set the HP 17BII+ apart.
- The clear 2-line LCD screen and substantial memory capacity enhance its sophisticated functionality.
- Substantial 28 kb memory for data storage
Why Choose This Best Financial Calculator:
- Having versatility in handling various finance-related computations, from basic to advanced, HP 17BII+ is a comprehensive tool for both learning and exam purposes.
- It is particularly praised for its list-based cash flow analysis feature to enhance the efficiency of financial computations.
- It’s a suitable tool for both academic and professional use since it offers longevity and reliability.
- The calculator is user-friendly, minimizing the likelihood of errors and saving time.
- HP Solve customizing method
- Alpha and numeric keyboard
- Over 250 built-in functions
Last update: 2024-05-02
HP 12C Platinum
As an upgraded version of the classic, long-time favorite HP 12C, the HP 12C Platinum is an upgraded version that has taken the financial sector by storm. It maintains a balance between traditional design and modern functionality.
What Makes It Unique:
- A balance of traditional and modern features, this model stands out for its enduring design and updated functionality.
- It’s particularly known for its shock-resistant build and long battery life, making HP 12C Platinum ideal for the rigors of professional use.
- It features around 130 functions and a memory capable of handling over 400 steps.
Why Choose This Best Financial Calculator:
- HP 12C Platinum’s reliable and straightforward design makes it suitable for students who need a durable, long-lasting calculator.
- The familiar layout and user-friendly interface are conducive to learning and excellent exam performance.
- Users appreciate its reliability and ease of use, with a 10-digit display that’s clear and easy to read.
- When it comes to long-term use, Its enduring battery life makes it a practical choice.
- Keystroke programming, up to 400 steps
- Simple, easy-to-read 1-line-by-10-character display
- Rpn and algebraic data entry
Last update: 2024-05-03
Casio FC-200V Financial Calculator
The Casio FC-200V financial calculator is a solid choice for finance and business students. Due to its reliability and efficiency, the calculator stands out for its ease of use and comprehensive functions.
What Makes It Unique:
- The calculator’s 12-digit 4-line display for detailed analysis and multifunction keys for easy navigation are what makes it unique.
- You can make use of clear, comparative data analysis in the exam.
- Multifunction keys enable quick switching between various financial computations
Why Choose This Best Financial Calculator:
- The FC-200V is an excellent choice for students because of its straightforward approach and affordability.
- The comprehensive functions are presented in a user-friendly format, making it an ideal tool to both learn finance concepts and apply them in exams.
- This calculator is appreciated for its straightforward approach to complex calculations and its affordability, making it a great entry-level option for students.
- Powerful, original Financial Consultant features take much of the work out of financial calculations
Last update: 2024-05-03
These calculators are not just tools but essential companions for the CFP exam. Each has its unique strengths, catering to different preferences and needs. Whether it’s the versatility of the HP 17BII+, the intuitiveness of the TI BA II Plus, the durability of the HP 12C Platinum, or the user-friendly design of the Casio FC-200V, the models stand out as the best financial calculators for the CFP exam. Their approval by the CFP Board and alignment with the exam’s requirements make them invaluable for students aiming for success.
Runner Ups for Best Financial Calculator for CFP Exam
Let’s now take a look at some of our runner up financial calculator choices for the CFP exam:
Sharp QS-2130 Financial Calculator
The Sharp QS-2130 is an efficient calculator that has been tailored for commercial and retail business settings. It’s recognized for its basic functionality complemented by a solar-powered design with battery backup.
What Makes It Unique:
- The Sharp QS-2130 is distinct for its simplicity and solar-powered design with a battery backup.
- It focuses on providing essential functions without overwhelming users with complexity.
- This model offers a 12-digit display for enhanced accuracy, special keys for complex financial problems, and a dual power system for reliability.
Why Choose This Best Financial Calculator:
- Its user-friendly interface is perfect for students who are just beginning to learn financial calculations.
- The accuracy provided by its 12-digit display and the convenience of its dual power system make it suitable for a variety of study and exam environments, especially for students enrolled in retail or commercial business courses.
- Users value the straightforward design that reduces calculation errors, making it a practical choice for students who need a reliable and simple calculator for their studies and exams.
- 12-digit commercial dual power desktop calculator is equipped with 5/4 up/down rounding, item count
- Adding machine logic.
- Four-key memory and independent two-key memory function change sign
Last update: 2024-05-03
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Texas Instruments BA II
Like the TI BA II Plus, the Texas Instruments BA II is renowned for its wide array of finance-related functions. The design presents a versatile tool for both educational and professional use in financial analysis.
What Makes It Unique:
- The Texas Instruments BA II is notable for its extensive range of function keys that cover various finance topics and has been crowned as one of the most versatile calculators in the market.
- Features include a comprehensive range of function keys for diverse finance topics, the ability to perform complex calculations like cash flow analysis, and an Auto Power Down function for battery efficiency.
Why Choose This Best Financial Calculator:
- Its comprehensive guide and user-friendly design make it suitable for students tackling complex financial concepts.
- The durability and energy-saving features of the calculator are beneficial for long-term use in academic settings and we recommend it to students pursuing finance-related courses.
- Students find it particularly helpful for its ease of use and comprehensive manual, which helps in understanding complex financial concepts.
- Benefits such as durability and energy efficiency make it a wise investment for long-term academic and professional use.
HP 10bII+ Financial Calculator
A HP 10bII+ calculator is recognized for its balance of affordability and functionality. It’s a favorite among students and professionals for its straightforward approach to financial calculations.
What Makes It Unique:
- The HP 10bII+ stands out for its combination of user-friendliness and comprehensive functionality at an affordable price.
- Its algebraic data entry system is a key feature, simplifying the process of inputting numbers and minimizing errors. This gives it a unique blend of simplicity and efficiency.
- This calculator offers around 170 different functions, catering to a wide range of financial topics.
- It features an algebraic data entry system, which simplifies inputting numbers and reduces errors.
Why Choose This Best Financial Calculator:
- These calculators are an excellent choice for students who are new to financial calculations because of how easy they are to use.
- Their wide range of functions cover most financial topics, essential for finance and business courses. Whether you use them in classrooms or exam halls, the adjustable screen brightness and error-reducing features make them a practical tool for diverse learning environments.
- Users appreciate its user-friendly interface, making it suitable for beginners in finance and business courses.
- The versatile function range and adjustable screen brightness can adapt to various learning and exam environments.
- Brand New in box. The product ships with all relevant accessories
Last update: 2024-05-03
Such runner-up calculators are highly regarded for their distinct features and suitability for finance students, providing reliable and efficient alternatives for the exam.
Value Picks for Best Financial Calculator for CFP Exam
We’ve also found some value picks for the types of calculator to use in CFP exam in case you can’t find the ones mentioned above:
Sharp EL-738FB Financial Calculator
The Sharp EL-738FB is designed for professionals and students in finance, real estate, and banking, and offers a blend of financial and scientific calculation capabilities:
What Makes It Unique:
- The Sharp EL-738FB comes with a lightweight design, color-coded large keys, and tactile keypad response.
- It includes a protective flip hardcover, combining portability with durability.
- This calculator stands out for its ability to perform a broad range of financial and scientific calculations.
Why Choose This Best Financial Calculator:
- Ideal for MBA students and professionals in finance, real estate, and banking, the Sharp EL-738FB offers high-quality performance at an affordable price.
- The user-friendly features, including large, easy-to-distinguish keys and a protective cover, make it a practical and reliable choice for both academic and professional settings.
- Most people recommend these calculators for their ease of use and accuracy, especially in complex financial calculations.
- The large keys and color coding reduce errors and make the device a favorite among students and professionals who require precision and reliability in their calculations.
- EL-738FB financial calculator computes all time-value-of-money calculations for business and educational purposes
- Design that delivers high availability, scalability, and for maximum flexibility and price/performance
- Manufactured In China
Last update: 2024-05-03
Victor Technology 6500
This type of financial calculator is designed for business-related calculations and is typically ideal for desktop use in professional settings. It’s known for its simplicity and effectiveness in loan and tax calculations.
What Makes It Unique:
- The Victor Technology 6500 distinguishes itself with an extra-large display, programmable automatic tax keys, and a combination of solar power with battery backup.
- This design makes it particularly well-suited for desktop use in business environments.
- Its large display and easy-to-use interface are beneficial for clear and quick calculations.
Why Choose This Best Financial Calculator:
- It’s an economical and effective tool for loan calculations, making it a practical choice for business calculations.
- The Victor Technology 6500 is useful for students who require a straightforward, reliable calculator for various financial computations related to taxes and loans.
- Most people who have used Victor Technology find it very practical for business calculations, praising its large display and easy-to-use interface.
- The programmable tax keys simplify complex tax calculations and have gained popularity among users who frequently deal with such computations.
- The combination of solar and battery power is also appreciated for its reliability.
- Extra large 12-digit angled display.
- Loan Wizard.
- Automatic Tax Keys.
Last update: 2024-05-03
How to Choose the Financial Calculator for CFP Exam?
Choosing the right financial calculator for the CFP exam involves understanding specific guidelines and requirements. Here’s a breakdown of some crucial considerations:
Are There Specific Guidelines on Calculators on the CFP Exam?
The CFP exam has clear guidelines regarding the type of calculators permitted. Candidates must use non-programmable, battery-powered financial calculators, such as the TI BAII Plus, HP 12C Platinum, etc. This rule is in place to maintain a level playing field and ensure that all exam takers use tools that are appropriate for the exam’s content. Programmable calculators or those with text-storing capabilities are prohibited to prevent unfair advantages and maintain the integrity of the exam.
What Type of Calculator Do You Need?
A dedicated financial calculator is required for the CFP exam. Unlike standard or scientific calculators, financial calculators are specifically designed to handle complex financial functions and calculations. These include time-value-of-money calculations (like annuities, mortgages, leases), cash flow analysis, bond valuations, and statistical functions. The calculator should be capable of handling various financial scenarios and calculations efficiently, which are vital in solving the practical problems presented in the CFP exam.
What Functionality and Features Should You Look For?
When choosing a financial calculator for the CFP exam, consider the following functionalities and features:
- Time-Value-of-Money Calculations: Essential for computing loan payments, interest rates, and future values.
- Statistical Functions: Useful for analyzing sets of data, which is a key component in financial planning.
- Amortization Schedules: Important for understanding loan structures and payment schedules.
- Cash Flow Analysis: Including NPV and IRR calculations for investment appraisal.
- Ease of Use: A user-friendly interface, clear display, and responsive keys can significantly improve efficiency.
- Reliability and Durability: A robust build and long battery life are essential, as the exam is lengthy, and calculators need to perform reliably throughout.
- Memory Functions: Helpful for saving and recalling previous calculations for complex problem-solving.
Is the Calculator Approved by the CFP Board?
It’s in your best interest to check whether your calculator is approved by the CFP Board. The Board provides a list of approved calculators that are deemed suitable for the exam. Popular models often include various HP calculators like the HP 12C, HP 10bII+, and Texas Instruments models like the TI BAII Plus. Using an approved calculator is mandatory; if a candidate brings a non-approved model, they may not be allowed to use it and this can significantly impact their exam performance.
Wrapping Things Up: The Best Financial Calculator for CFP Exam
Finding the right financial calculator is an important step in preparing for the CFP exam. It’s not just about the calculator’s ability to perform specific functions; it also involves ensuring compliance with the CFP Board’s guidelines. The ideal calculator should offer a balance of necessary financial functions, ease of use, and reliability. For example, calculators like the HP 17BII+ and Casio FC-200V are recommended because of their various built-in functions and comprehensive financial analysis abilities.
Aspiring financial planners should familiarize themselves with their chosen calculator well ahead of the exam to ensure proficiency and efficiency on the exam day. This preparation is as important as studying for the exam itself, as the ability to quickly and accurately perform financial calculations can make a huge difference in the exam’s outcome.
