BA II Plus vs HP 12C — Keystrokes, RPN, and Which to Buy
Exactly two calculator families are allowed in the CFA exams — Texas Instruments' BA II Plus and HP's 12C — and they could not feel more different in the hand. The math underneath is identical; the keyboards and the philosophy are not. Here is the same problem on both.
Quick answer: Both calculators solve the same TVM equation and return identical numbers: $1,000/year for 30 years at 8% gives FV = 113,283.21 on each. The BA II Plus is algebraic (store, then CPT + key); the HP 12C is RPN (operands before operators, press the unknown's key directly, no CPT). New students: BA II Plus. RPN veterans: 12C.
The same problem, keystroke by keystroke
- Problem: deposit $1,000 at the end of each year for 30 years at 8% — find FV
- BA II Plus: 30 N · 8 I/Y · 0 PV · 1000 ± PMT · CPT FV → 113,283.21
- HP 12C: 30 n · 8 i · 0 PV · 1000 CHS PMT · FV → 113,283.21
- Difference: the 12C needs no compute key — pressing the unknown's register computes it
Algebraic vs RPN
The BA II Plus evaluates the way textbooks write math: numbers first, operator, number, equals — with parentheses for nesting. The 12C uses reverse Polish notation: operands go on a four-level stack and operators act immediately (2 ENTER 3 × = 6), so long chained calculations need no parentheses and no equals. RPN has fewer keystrokes for complex chains and no nesting mistakes; algebraic looks like the homework page. Neither is objectively easier — but switching between them mid-prep is pure friction, so pick one world and live there.
Feature and cost reality
- BA II Plus: cheaper, standard in most MBA classrooms, bigger key area, plus Professional edition with a faster processor and a better display
- HP 12C: launched 1981, vertical layout, program memory, beloved by bankers; Platinum/Elite editions add more memory and algebraic mode
- Both are CFA-legal; proctors do not care which — only that it is the physical device
- Both default TVM to END mode; both want money-out negative (± / CHS)
How to choose
If you have never used RPN and your program's problem sets use BA II Plus keystrokes, buy the BA II Plus — the classroom gravity alone decides it. If you already think in RPN (or join a shop where everyone does), the 12C will feel like home. Whichever you pick, do your practice problems on the same model you'll bring: keystroke memory is exam muscle, and this site's simulators exist so you can rehearse the patterns before the hardware arrives.