Yes, you absolutely need an approved calculator for the CFA Level 1 exam. You cannot pass without one due to complex, time-sensitive financial calculations, and they are not provided at the test center. Only two models are permitted: the Texas Instruments BA II Plus (including Professional) or the Hewlett Packard 12C (including Platinum).
What should I bring on the CFA Level I exam day? Candidates must bring a valid international travel passport and an approved calculator (either the Texas Instruments BA II Plus or the Hewlett Packard 12C). It's also advisable to bring a clear water bottle and dress in layers for comfort.
Items to bring
The CFA exam calculator policy allows only two calculator models for the exam: Texas Instruments (TI) BA II Plus (including BA II Plus Professional) Hewlett Packard (HP) 12C (including the HP 12C Platinum, 12C Platinum 25th anniversary edition, 12C 30th-anniversary edition, and HP 12C Prestige)
✅ Only 2 calculators are allowed: 1️⃣ Texas Instruments BA II Plus (including BA II Plus Professional) 2️⃣ HP 12C (including Platinum models) ⚠️ No other calculators — not even your phone or smartwatch — are permitted during the exam!
The CFA Institute permits only two calculators during the exam: the Texas Instruments BA II Plus (including the BA II Plus Professional) and the Hewlett Packard 12C (including the Platinum edition). Mastery of your chosen calculator can save valuable time and reduce errors on exam day.
However, let's put things into perspective: the CFA Level 1 exam is not a math test. The CFA Institute has made it clear that calculations will account for no more than 30% of the questions on the exam. To put it in numbers, that's a maximum of 54 out of the 180 questions.
The CFA Level 1 passing score is not fixed every year, but it usually stays between 65% and 70%. CFA Institute does not publish an official cut-off, but this range is considered the minimum benchmark to pass.
On average, allocate 15-20 hours per week for CFA Level 1 preparation. Plan for a longer overall preparation period, ideally around 5-6 months.
Water in a clear glass is allowed during testing; however, eating, smoking (including electronic cigarettes,) and chewing gum are prohibited.
Financial Statement Analysis, or FSA, is often regarded by students to be the most challenging topic in CFA Level 1, not just because of the subject's difficulty but also because of how heavily weighted it is on the exam (13–17%).
CFA Level 1 is widely considered a very difficult exam due to its broad curriculum, demanding study commitment (often 300+ hours), challenging technical content, and typical ~40% pass rates, requiring strong discipline to learn and recall foundational finance concepts, though it's often seen as the most manageable of the three levels because it focuses on learning and describing rather than deep analysis. Success hinges on consistent study, mastering core topics like Ethics, FSA, and Investments, and effective exam technique, making it a significant hurdle for many.
The TI 84 Plus is an easy to use financial calculator which will serve you well in all finance courses. This tutorial will demonstrate how to use the financial functions to handle time value of money problems and make financial math easy.
3 months can be enough if you're disciplined and can actually put in 20–30 hrs a week. With a math/stats background you'll likely move faster through Quant and FI, so the key is drilling CFAI QBank, EOCs, and mocks once you cover the readings.
You can manually do the math and get away with it (time permitting). If you were very well prepared, you'd have enough time to do the math manually. Obviously, There are some CF/Bond problems you cannot manually solve for but you can still pass the exam if that's your point.
CFA Exams Pass Rates
The CFA exams are perhaps the most challenging exams out there. They are often referred to as “bar none” the toughest exams—even harder than medical school or law school exams—with pass rates that hover around 50% and were much lower during the recent pandemic.
Three months can be enough time, but typically it takes a candidate at least six months to prepare for the CFA Level 2 exam.
Is CFA tougher than CA? A: The CFA and CA (Chartered Accountant) qualifications have different focuses and challenges. While both are demanding, many find CA to be more rigorous due to its extensive practical training and exams.
If you are currently a candidate in the CFA Program:
Include your participation in the CFA Program in the education section of your resume. (For example: “CFA® Program participant, CFA Institute.”) You may also list the levels completed. (For example: “Completed Level I in 2020.”)
In-Depth Breakdown of the Most Difficult CFA Level 1 Topics & How to Tackle Them
Bring the approved calculator with you on exam day. You may not borrow a calculator from the test center. You may not borrow from or share a calculator with another candidate during the exam. Your calculator will be inspected prior to the start of the exam.
1. Examinees are prohibited to use CALCULATORS which are programmable or with embedded functions especially CASIO FX991ES, CASIO FX-991ES plus and CASIO FX-570ES Plus pursuant to Memorandum Circular 2018-01.
While ZipRecruiter is seeing annual salaries as high as $150,500 and as low as $50,000, the majority of Cfa Charterholder salaries currently range between $65,500 (25th percentile) to $132,500 (75th percentile) with top earners (90th percentile) making $146,000 annually across the United States.